Fitch Ratings affirms TransContainer’s rating at BB+/Stable
On 24 September 2018 Fitch Ratings has affirmed PJSC TransContainer’s Long Term Issuer Default Rating at BB+ with Stable Outlook, which is one notch below the sovereign rating of the Russian Federation (BBB-/Positive).
According to Fitch Ratings, the rating reflects the company’s strong domestic market share of 43%, moderate leverage, its ability to adjust capex in accordance with the market conditions as well as diversification in cargoes and customers. The rating also incorporates a single-notch uplift reflecting Russian Railways being the company’s ultimate majority shareholder.
The rating is also supported by improved Russian rail container market fundamentals, strong 1H18 results and the company’s ability to maintain healthy credit metrics in the medium term despite significant increase in capex