Russian Railways assigned highest rating by Analytical Credit Rating Agency
The Analytical Credit Rating Agency (ACRA) has assigned Russian Railways a maximum
AAA credit rating (RU) with a stable outlook and an AAA (RU) credit rating on all
current local bond issues.
The rating reflects the assessment at the level of financial obligations of the
Russian government, which is due to the high systemic importance of Russian Railways
for the Russian economy and the Company’s integral relationship with the state.
Among the significant factors that influenced the assessment, the Agency also noted
the Company’s strong industry profile, which is supported by its monopoly position,
the stability of the Company's business segment with its high profitability on operations
and a moderate level of debt supported by the Company’s high level of liquidity.
In addition, the Company’s level of corporate governance, including the existing
system of financial risk management, received a positive assessment.
Russian Railways has also been assigned credit ratings by the international rating
agencies Standard & Poor's, Moody's and Fitch.
The ratings are correlated with the sovereign rating of the Russian Federation
and are at BB+/Ba1/BBB- with a "positive" outlook from Standard & Poor's and Fitch
and "stable" from Moody's.