OREANDA-NEWS. S&P Global Ratings said today that it had assigned its 'BB+' long-term rating to the proposed U. S. dollar-denominated loan participation notes (LPNs) and its 'BBB-' long-term rating to the Russian ruble-denominated LPNs, both to be issued by Russian Railways JSC, the monopoly owner and operator of Russia's railway infrastructure, via its financing vehicle RZD Capital PLC.

The new U. S. dollar-denominated LPN issue will refinance a number of existing U. S. dollar and Swiss franc bonds, maturing in 2017 and 2018. The ruble notes will be used in the ordinary course of business, including refinancing of maturing debt. We assume that all key conditions of the new bonds will match those of the outstanding bonds. The rating is subject to our analysis of the bond's final documentation.