Long-Term Local Currency IDR at 'RD', Short-Term Foreign Currency IDR at 'C' and National Long-Term rating at 'RD(ukr)', according to Fitch.

The Long-term foreign currency rating on Shortline Plc's USD500 million loan participation notes (LPNs) has also affirmed at 'CCC'.

Read alsoFitch affirms Ukraine's PrivatBank and Pivdennyi at 'CCC'Fitch views Ukrainian Railway as a credit-linked entity under its "Rating of Public-Sector Entities Criteria", reflecting the entity's 100% state ownership, strong legal linkage with the state, strategically important role as the largest natural monopoly and tight state control over company's operations. Ukrainian Railway's ratings are one notch below the Ukraine's sovereign ratings (B-/Stable), which reflects mid-range integration with government finance evidenced by reduced state support over last few years.

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The 'Restricted Default' Local Currency IDR and National Long-Term rating reflect a failure to make principal payments under certain bilateral loan agreements with Ukrainian lenders and that the company is currently restructuring these domestic liabilities.

Shortline Plc's notes' rating is equalized with Ukrainian Railway's Long-Term Foreign Currency IDR, reflecting Fitch's view that the notes constitute direct, unconditional senior unsecured obligations of Ukrainian Railway and rank pari passu with all its other present and future unsecured and unsubordinated obligations.