The international rating agency Fitch Ratings has downgraded Ukrzaliznytsia's long-term default rating to RD (limited default) due to the cessation of coupon payments on Eurobonds.
This is stated in the agency's statement, Ukrainian News Agency reports.
The ratings of Ukrzaliznytsia's Eurobonds maturing in 2026 and 2028 have been downgraded from C to D (default).
It is noted that failure to pay interest or principal on the debt within the established period, including the grace period, is considered a default and is reflected in the RD or D ratings.
On January 22, the agency recorded a default on securities worth USD 703 million, and on January 27, on securities worth USD 352 million.
As Ukrainian News Agency earlier reported, in early January it became known that the Ukrzaliznytsia joint stock company decided to temporarily suspend coupon payments on Eurobonds issued before the full-scale invasion (in 2019 and 2021) from January 9 in order to maintain liquidity.
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