Fitch Ratings has affirmed Georgian Railway JSC’s (GR) Long-term foreign and local currency Issuer Default Ratings (IDR) at ‘BB-’.
Fitch has also affirmed GR’s foreign and local currency senior unsecured ratings at ‘BB-’ and GR’s $250 mln notes due 2015 at ‘BB-’. The RR4 rating on the notes has been withdrawn. The Short-term foreign and local currency IDRs have been affirmed at ‘B’. The Rating Outlook on the Long-term IDRs is Stable. Additionally, Fitch has assigned GR’s proposed notes an expected senior unsecured rating of ‘BB-(exp)’. The proposed notes will rank equally with the existing notes. The final rating is contingent upon the receipt of final documentation conforming materially to information already received.