Rail operator Network Rail said its debts now exceed £20bn while first half profits have fallen by 10 per cent.
The state-backed company said profits fell to £706m in the six months to September 30.
Network Rail said that punctuality was higher than ever at 92 per cent, but that maintenance and track renewal performance have fallen short of target.
The O
ffice of Rail Regulation (ORR) said last month that Network Rail could receive £27.7bn over the next five years to improve the country's railways, but the operator said it could not accept the ruling until it had a debt rating.
"The company needs to attain an appropriate investment grade from the ratings agencies to allow it to commence a stand-alone debt programme," it said. The group will seek a debt rating in the new year.
The firm took over the running of Britain's railways following the collapse of Railtrack Plc in 2002. Part funded by government subsidies, it must reinvest all profits in the network or reduce debt.
Earlier this year, the ORR fined Network Rail a record £14m for three highly-disruptive engineering work overruns at the new year - one of them on the busy London to Scotland West Coast Main Line route.
Network Rail said it was on track to complete the West Coast upgrade on time.
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