BetElTrans OJSC’s Credit Rating Withdrawn
OREANDA-NEWS. National Rating Agency has withdrawn its credit rating on BetElTrans OJSC (BET) due to expiry of the rating contract and the company’s decision to stop participating in the rating process. The company has been assigned an exit rating of ‘A+’ on the national scale.
BET is a key supplier of railroad ties and reinforced concrete sleepers for JSC RZD and its subsidiaries. The company is a market leader and has a monopoly position in many Russian regions. It is organized into nine branches (divisions), established based on rail tie production plants (RTPPs) previously owned by JSC RZD, namely, Vyazemsky, Gornovsky, Kavkazsky, Chelyabinsky, Chudovsky, Liskinsky RTPPs, Precast Concrete Plant No. 6, Kalakinsky Sleeper Impregnating Plant, and Khabarovsky RTPP.
The company’s majority shareholder is JSC RZD, one of the world’s largest transportation companies owned by the Russian Federation. In accordance with the Strategy for the Russian Federation Railroad Transport Development until 2030, and the Concept for the Reform of JSC RZD’s Track Facilities Repair Complex, a stake in BET (75% minus 2 shares) is to be sold to private investors. By now, almost half of the shares have been sold to T-Industry CJSC, partially owned by Poland-based TINES, the provider of comprehensive solutions in the transport infrastructure sector.
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