S&P: Russian Railways' Proposed Loan Participation Notes Rated 'BBB-' And 'BB+'
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.