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Credit-Rating upgrades Odesa Railways bonds to uaA
Nov 16 2010, 17:57

Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it upgraded to uaA from uaBBB the long-term credit rating assigned to registered 2-year coupon bonds (series A) issued by Odesa-based Odesa Railways (issuer) for the amount of UAH250m.

The agency has been informed about it today, 16 November, at the press service of the credit rating agency.

According to their information, the outlook on the rating has been changed to positive. The issuers principal activity is transportation of cargo and passengers by railways. In the course of analysis Credit-Rating considered issuers financial statements for 1H2010 and its other inside information.

An obligor or a debt liability with uaA credit rating is characterized with the Highly Strong creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is susceptible to adverse changes in commercial, financial and economic conditions.

A positive outlook indicates a possibility to upgrade the rating in the course of the year, on the condition that positive tendencies are maintained and that current risks are mitigated.

Among the factors maintaining the credit rating a monopolistic standing of Ukrzaliznytsya State Administration of Railways of Ukraine, which incorporates the issuer in the sector of railways; availability of necessary infrastructure; strategic importance of railways for Ukraines economy and moderate debt burden of Ukrzaliznytsya State Administration of Railways of Ukraine can be distinguished.

The factors constraining the credit rating are: instability in Ukraines economy, which weighs on volumes of cargo transportations, anticipated significant investments, opacity with regard to prospects for reforming and development strategy of Ukrzaliznytsya State Administration of Railways of Ukraine, absence of consolidated financial statements of Ukrzaliznytsya State Administration of Railways of Ukraine, dependency of Ukrzaliznytsya State Administration of Railways of Ukraine activities upon state regulatory policy in the sector.


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