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The outlook is stable, Fitch said in a statement on its website on September 11.

Read alsoFitch upgrades Ukrainian Railway to 'B' on sovereign rating action"The removal of RWN reflects the improvement of UR's immediate liquidity, following the maturity extension of a bank loan from Sberbank (US$200 million) by three years to July 2023. This will allow UR meet projected debt servicing needs in 2H20 and in 2021. However, we view UR's liquidity as structurally weak and volatile, which together with potential uncertainty on the capital markets, has led us to revise lower UR's Standalone Credit Profile (SCP) to 'b-' from 'b,'" reads the report.

"The affirmation of ratings reflects our unchanged view on UR's strong linkage to Ukraine (B/Stable) and the latter's ability and willingness to provide support to the company under Fitch's Government Related Entities (GRE) Criteria. Using a top-down approach, which combined with UR's 'b-' SCP, leads to rating equalisation with the Ukrainian sovereign's IDR," Fitch said.

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