Key drivers of FPC’s investment appeal:

  • A monopolistic position in the long-distance rail passenger transportation market in Russia.
  • FPC is vital both socially and strategically to Russia as the main transport operator for long- and medium-distance travel spanning most of the country, including travel to regions with extreme natural and climatic conditions and lacking road infrastructure.
  • Significant growth potential of population mobility.
  • Railway services to support major passenger flows in Russia.
  • A conservative financial policy and low debt level.
  • State-regulated fares for long-distance rail passenger transportation and compensation of revenue shortfall paid by the Russian Government.
  • Low competition from international companies in the domestic rail passenger services market due to high entry barriers for new players entering the Russian market.
  • Strategic importance in achieving the long-term objectives of state-owned RZD Holding.


In December 2017, the Russian national rating agency ACRA assigned FPC its AA+ (RU) high credit quality rating with a stable outlook.

In January 2018, Moody’s upgraded FPC’s rating to an investment grade Baa3 with a positive outlook. FPC’s current rating from Moody’s is one notch higher than Russia’s sovereign rating.

In February 2018, Standard & Poor’s upgraded FPC’s rating to BBB–, the same level as Russia’s sovereign rating, changing its outlook to negative in March 2018.

In March 2018, Fitch Ratings confirmed FPC’s rating at BB+ with a positive outlook.

FPC’s credit ratings
Agency Rating Outlook Rating action date
Moody’s Baa3 positive 29 January 2018
Standard & Poor’s ВВB– negative 29 March 2018
Fitch Ratings ВВ+ positive 29 March 2018
АКРА АА+(RU) stable 07 December 2017