The international rating agency Standard & Poor's has upgraded the credit rating of JSC Ukrzaliznytsia to 'CCC +' on improved liquidity, the outlook is stable.

As the press service of Ukrzaliznytsia reported with reference to the agency on Thursday, this decision is primarily due to the successful placement of $300 million in five-year loan participation notes to refinance maturing debt and other debts.

"The stable outlook balances our view that Ukrzaliznytsia will effectively manage maturity payments in 2021-2022 with the persisting vulnerabilities to ongoing litigations, unstable operating environment, and potentially significant investment needs," S&P said.

"Another leading rating agency, Standard & Poor's, has affirmed the correct vector of the company's development. This conclusion is an important indicator of Ukrzaliznytsia's activities, which adds confidence to investors in the company's stability," the press service of the company said, citing acting Board Chairman of Ukrzaliznytsia Ivan Yuryk.

Earlier, the international rating agency Fitch confirmed the credit rating of Ukrzaliznytsia at 'B' and removed it from the Rating Watch Negative list.