S&P rating agency upgraded Ukrzaliznytsia's credit rating to 'B-'
One of the leading international rating agencies, Standard & Poor 's, has raised the long-term credit rating of Ukrzaliznytsia to' B- 'from' CCC '.
According to acting Ivan Yurik, Chairman of the Board of Ukrzaliznytsia JSC, this increase was a result of the active implementation of the company's anti-crisis program and the recent successful finalization of the process of restructuring financial debt to Sberbank (Ukraine), which had a positive effect on the company's liquidity and will provide the necessary level of financing for current expenses. p>
“In a difficult period for most companies, the ability of Ukrzaliznytsia to adhere to its obligations adds confidence to investors in its stability and reliability of credit qualities. S&P's decision is another confirmation of this, "he said.
In its message, Standard & Poor 's noted that the rating action reflects a decrease in the debt burden on liquidity in the current period after the signing of agreements by Ukrzaliznytsia to restructure debt to the bank. Given the negative impact of the pandemic on financial markets, Ukrzaliznytsia took the necessary steps and reached an agreement with the bank to defer debt repayment for up to three years with the possibility of early repayment of the debt.
At the same time, the “negative” rating outlook reflects the uncertainty about the external environment in which Ukrzaliznytsia and other companies are located, as well as the potential risks associated with this.
“One of the priorities of the stable work of Ukrzaliznytsia is transparent and stable relations with domestic and international partners, including the stable fulfillment of obligations. I am sure that we will go through the times of the financial crisis, and the anti-crisis program of Ukrzaliznytsia will become a model for other companies, ”summed up Ivan Yurik.