Ukrainian Railway

State-owned rail monopoly Ukrainian Railway (RAILUA) was incorporated as a public JSC in December 2015, consolidating its regional rail operators. The company owns almost 21,000 km of rail track and a fleet of c. 4,000 locomotives, 110,000 freight and 5,000 passenger railcars. RAILUA accounts for 62% of total freight transportation in Ukraine, being the largest freight operator in Europe, and 36% of domestic passenger transportation. It is the largest domestic employer with a c.300,000-strong labor force.
Year 2026 2028
Issue Volume ($m) 703 352
Coupon Rate (% p.a.) 8.25% 7.875%
Coupon Frequency S/A S/A
Maturity date 7/9/2026 7/15/2028
Ratings: Fitch/Moody`s/S&P CC/—/— CC/—/—
Market Price* ($) 77.50 73.50
Market YTM* 42.20% 20.20%
Spread over UST* - -
Note: *Based on bid price.
Year 2021 2022 2023
Net Sales ($m) 3,181 *** ***
EBITDA ($m) 516 *** ***
Net Income ($m) 17 *** ***
EBIT Coverage Ratio (x) 0.43 *** ***
Net Debt/Equity (%) 18.4% *** ***

Latest news about Ukrainian Railway

Aug 04, 2025
| Transportation

Ukrainian Railways – Fitch affirms at CC

Fitch Ratings has affirmed its long-term issuer rating on Ukrainian Railways (RAILUA) at CC, reiterating that the company will not be able to repay its $703m Eurobond maturing in July 2026 due to deteriorating financial performance and tightening liquidity, with a debt restructuring likely within the next 12 months.
Jul 14, 2025
| Transportation

Ukrainian Railways — EBRD to provide EUR 54m grant financing

The state rail monopoly Ukrainian Railways (RAILUA) will receive EUR 54m in grant financing from the EBRD to fund decentralized gas-fired power generation (EUR 41m) and barrier-free access at train stations (EUR 10m) as well as support the company’s war veterans (EUR 3m).
Contact us at +38 (044) 490 7120 for more information

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