Standard & Poor's, the international ratings agency, has upgraded the long-term credit rating of Railtrack, the collapsed UK rail operator, on the back of assurances by the UK government about the credit quality of Railtrack's replacement.
S&P upgraded Railtrack's rating to BB from CC, after transport secretary Stephen Byers earlier in the week pledged that he would achieve a strong investment grade credit rating for what has been dubbed "New Railtrack".
