The international rating agency Fitch Ratings has announced a downgrade of the long-term issuer default rating of JSC “Ukrzaliznytsia” to RD (Restricted Default). The previous rating of the company was C, indicating an imminent default.
This is reported by Finway
Eurobond Ratings Downgraded to D
In addition to the overall rating, Fitch has downgraded the long-term ratings of Ukrzaliznytsia’s eurobonds maturing in 2026 and 2028 from C to D, which signifies an actual default on these obligations. This decision follows the company’s failure to make coupon payments on the eurobonds that were due on January 9 and 15, 2026.
Fitch Ratings’ Explanation of the Default
“Failure to pay interest or principal on debt when due, including during any grace period, is considered a default and is reflected in ratings of RD or D,” the agency explained the rating downgrade following the company’s missed coupon payment deadlines on January 9 and 15, 2026.
The downgrade reflects the critical financial condition of the state-owned company, which may complicate future capital raising and impact the overall stability of the enterprise in Ukraine’s transport sector.