OREANDA-NEWS. Fitch Ratings and Moody's Investors Service (MIS) affirmed long-term credit ratings of UCL Rail B.V. at "BB+" and "Ba1", respectively.

Moody's Interfax Rating Agency affirmed the Aa1.ru long-term national scale rating (NSR) of UCL Rail B.V.

Rating agencies stated in their reports that UCL Rail holds a leading position in Russian rail freight market, pursues conservative financial policy and efficiently satisfies the demand of different consumer groups, allowing the company to demonstrate strong profitability and operating cash flows.

At the same time both agencies noted the weakening rail freight market conditions on the back of overall stagnation of the Russian economy in 2013.

As continuing uncertainty over the growth rate of the Russian economy in 2014 might negatively affect the pace of improvement of financial results of UCL Rail, Fitch changed their outlook for the company to "Stable" from "Positive", Moody's - from "Positive" to "Negative".

Assuming strong operating and financial integration between UCL Rail and JSC Freight One, Fitch Ratings assigned "BB+" long-term credit rating for Freight One with "Stable" outlook.