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S&P affirms ratings of Federal Passenger Company

On March 14, 2019, S&P Global Ratings affirmed the rating of Federal Passenger Company (FPC) at 'BBB-', with a negative outlook, the rating agenyc informed.

S&P believes that FPC's planned sizable strategic capital expenditure (capex) program could result in significantly higher leverage if fully implemented.

However, S&P understands that FPC expects about Russian ruble (RUB) 51 billion of capital injections over 2019-2022 from its parent, state-owned Russian Railways (RZD), to support capex, which could protect FPC's

financial metrics.
The negative outlook reflects S&P's view that the rating agency could downgrade FPC if its leverage increases significantly over the next 12 months, with funds from operations (FFO) to debt falling below 30%, or if pressure on liquidity materializes.

JSC Federal Passenger Company (FPC, a subsidiary of JSC Russian Railways, tax number: 7708709686) started its business activities on April 1, 2010. FPK was established pursuant to the structural reform program for the railway transportation system and the strategy of development of a long-distance passenger transportation complex.

IFRS net loss of JSC Federal Passenger Company for H1 2018 increased 13.92 times to RUB 4.259 billion from RUB 306 million for the same period in 2017. Revenue increased by 2.36% to RUB 93.54 billion from RUB 91.382 billion, operating loss (adjusted for state subsidies) was RUB 3.19 billion against a profit of RUB 1.167 billion a year earlier, loss before tax increased 192.38 times to RUB 5.002 billion against a profit of RUB 26 million.

According to AK&M Information Agency's DataCapital information retrieval system, RAS net loss of JSC Federal Passenger Company (FPC) for H1 2018 increased 2.4 times to RUB 4.554 billion from RUB 1.897 billion for the same period in 2017. Revenue increased by 2.81% to RUB 93.82 billion from RUB 91.252 billion, sales loss by 68% to RUB 8.992 billion from RUB 5.352 billion, loss before tax 2.89 times to RUB 5.02 billion from RUB 1.735 billion.

"AK&M", 15.03.2019 12:07


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