KIEV, Dec. 14 - Restructuring of Ukrzaliznytsia's eurobonds will be completed in late February or early March, Fitch Ratings predicted.

Fitch said that it considers the debt restructuring terms agreed by the State Railway Administration of Ukraine's (Ukrzaliznytsia) and a creditor committee would meet its distressed debt exchange criteria.

On December 9, Ukrzaliznytsia announced it had agreed on the restructuring terms for its $500 million eurobond with the creditor committee. The eurobond is structured via Shortline Plc's loan participation notes, for which Ukrzaliznytsia is a guarantor. The terms of restructuring include a maturity extension to September 15, 2021 from May 21, 2018; coupon step-up to 9.875% from 9.5%; and an amortisation schedule of principal with 60% of the principal to be repaid in 2019, 20% in 2020 and 20% in 2021, Fitch said.