Fitch Withdraws Freight One Ratings on Acquisition by UCL Rail
January 14, 2013 Fitch Ratings
Fitch Ratings-London/Moscow-14 January 2013: Fitch Ratings has revised the Outlook on, affirmed and simultaneously withdrawn JSC Freight One's ratings, as listed below.
The rating actions follow the full acquisition of Freight One by UCL Rail B.V. (UCLR, 'BB+'/Positive/'B'). Despite some legacy loans and finance leases at Freight One, the group will be primarily funded at UCLR level (see "Fitch Assigns ULC Rail 'BB+' IDR; Outlook Positive" dated 14 January at www.fitchratings.com for more detail).
The rating actions are as follows:
Long-term Issuer Default Rating (IDR) affirmed at 'BB+'; Outlook revised to Positive from Negative; withdrawn
Short-term IDR affirmed at 'B' and withdrawn
Local currency long-term IDR affirmed at 'BB+'; Outlook revised to Positive from Negative; withdrawn
Local currency short-term IDR affirmed at 'B' and withdrawn
National long-term rating affirmed at 'AA(rus)'; Outlook revised to Positive from Negative; withdrawn
Company — Freight One
Full nameJSC Freight One