S&P upgrades Ukrzaliznytsia’s rating to highest-possible level amid martial law

The relevant statement was made by Ukrzaliznytsia JSC, an Ukrinform correspondent reports.

According to the company, S&P Global Ratings has assigned the sovereign-level rating to Ukrzaliznytsia, which is the highest possible result in the current wartime conditions.

“The recent completion of a debt restructuring, totaling USD 894.9 million, has contributed to the upgrade in the rating. Thanks to this agreement and other projects with international partners, the pressure on the company’s liquidity has been lifted, and its contractual debt payments in 2023-2024 will be reduced by more than 90%,” the report states.

Ukrzaliznytsia JSC also mentioned that S&P Global Ratings noted the successful reprofiling with the EBRD to meet the liquidity needs of the credit line worth EUR 150 million and the write-off of Russian banks’ debts in accordance with the law that came into force in August 2022.