S&P predicts hike in funds from Georgian railway operations
Funds from operations to debt at Georgian Railway JSC are expected to exceed 8% in 2025–2027, reaching 9–10%. This is supported by EBITDA growth and a workforce reduction from 11,000 to 9,000 by 2029. A $500 million fixed-rate Eurobond maturing in 2028 limits refinancing and interest-rate risks.
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