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S&P downgraded rating of Ukrzaliznytsia to CCC

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S&P Global Ratings downgraded the long-term issuer default rating of Ukrzaliznytsia to the level of CCC from B-, the agency said in a press release.

“We consider the liquidity of the company as weak, because we believe that the problems associated with COVID-19 may limit access to capital markets and affect the ability to generate cash flow from operating activities,” S&P said in a statement.

The state railroad has to pay $400 million in the next 12 months, which includes peak payments of $200 million on the domestic bank loan in July 2020. The outlook is negative.

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