Eversholt Funding PLC Fitch Ratings downgrade (3211N)

TIDM95EA

RNS Number : 3211N

Eversholt Funding PLC

23 September 2019

Eversholt Funding plc

Eversholt Funding plc

23 September 2019

"Eversholt Rail notes the downgrade by Fitch Ratings of its Issuer Rating from BBB+ to BBB and its bonds from A- to BBB+, both with a stable outlook. This provides the business with additional financial flexibility.

The rating reflects Fitch Ratings methodology applied to our future lease rentals and the discount rate used for calculating the future debt to NPV assumptions. Furthermore, the rating reflects the point at which the business hits its peak leverage following Eversholt Rail's significant investment in new fleet between 2015 and 2019. A number of these trains are now in service and are beginning to contribute significantly to revenues.

Eversholt Rail, and its shareholders, remain committed to an investment grade rating. This has most recently been demonstrated in 2015 when distributions were re-invested to support the rating and underpin new build investment.

For any further information, please contact Will Cuthbert, Head of Treasury on 0207 380 5042".

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September 23, 2019 08:29 ET (12:29 GMT)