UCL Rail B.V. transportation group announced that Fitch Ratings has affirmed UCL Rail long-term credit rating at ‘BB+’.
The affirmation reflects UCL Rail’s position as the leading operator in Russia’s freight rail market with diversified customer base, adequate debt and liquidity levels and limited foreign exchange exposure, the Agency report states.
Fitch noted the weakening freight rail market conditions on the back of an overall economy slowdown, thus the Agency has changed the rating outlook for UCL Rail from ‘Stable’ to ‘Negative’.
Assuming strong operating and financial integration between UCL Rail and Freight One, Fitch has also affirmed Freight One long-term rating at ‘BB+’ with “Negative” outlook.
“This rating affirmation is a testament to the fact that our focus on strict financial discipline and overall cost management is helping to ensure the sustainability of our business even in a challenging market environment”, said Sergey Karataev CFO of Freight One.
Share on:
