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Fitch Ratings agency has affirmed the long term issuer default rating of UCL Rail and its railway operator subsidiary Joint Stock Company Freight One (Freight One) at 'BB+'.
In making the decision, the agency took account of the significant debt load reduction in 2015, funding sources diversification, and the Company's liquidity improvement through early loan repayment due in 2016.
The current rating reflects UCL Rail's leading market position, diversified fleet and the premium customer base with a focus on service contracts. These factors, along with an extensive regional branch network and the ongoing cost reduction efforts, keep Freight One highly competitive and efficient.
"The rating confirmed by Fitch agency demonstrates the work done by the Company in 2015 to increase liquidity, improve investment attractiveness through the merger of all railway assets into a single entity, and cut costs. All this allows us to ensure the sustainable development of our business even in difficult market conditions," said Chief Financial Officer Sergey Karataev.