KYIV, July 30 – The rating agency Standard & Poor's has upgraded the credit rating of the state-owned railway company Ukrzaliznytsia to 'CCC +' on improved liquidity, the outlook is stable.

Ukrzaliznytsia said the move is due to the successful placement of $300 million in five-year eurobonds to refinance maturing debt and other debts.

"The stable outlook balances our view that Ukrzaliznytsia will effectively manage maturity payments in 2021-2022 with the persisting vulnerabilities to ongoing litigations, unstable operating environment, and potentially significant investment needs," S&P said.