Russian Railways wants cheap money
In the first half of 2005, Russian Railways OJSC (RZD) intends to enter the Eurobond market and borrow $1 billion. As the company's vice-president Fedor Andreev said yesterday at a board meeting, the railway workers are hoping for a very low interest rate. In the best case, if Russian Railways receives a BB rating (negotiations are currently underway with S&P, Moody`s and Fitch), the borrowing rate will be 2%, in the worst case, with a BB- rating, it will be 7.5% per annum. According to Mr.