Fitch Ratings has upgraded National Joint-Stock Company Naftogaz Ukrainy’s (Naftogaz) Long-Term Issuer Default Rating (IDR) to ‘CC’ from ‘RD’ (Restricted Default) following the completion of its eurobond restructuring, the company said on its website. “Fitch has affirmed the company’s senior unsecured notes issued by Kondor Finance plc at ‘C’; the Recovery Rating has been revised … Read more
Fitch Ratings has downgraded DTEK Renewables B.V.’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to ‘Restricted Default’ (RD) from ‘C’, following the company’s disclosure of the result of its tender offer. Fitch has simultaneously upgraded the IDRs to ‘CC’, reflecting DTEK Renewables’ post-restructuring profile with continuing high default risk. Fitch regards DTEK Renewables’ tender … Read more
Fitch Ratings has downgraded JSC Ukrainian Railways (Ukrzaliznytsia, UR) Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘Restricted Default’ (RD) from ‘C’ following the execution of the consent solicitation to defer its debt servicing of its US dollar loan participation notes (LPN) maturing in 2024 and 2026. Fitch views the consent solicitation as a distressed debt … Read more
Fitch Ratings has affirmed Ukraine’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CC,’ the agency reported on Jan. 20. “The affirmation of Ukraine’s Long-Term Foreign-Currency IDR at ‘CC’ reflects Fitch’s view that a further foreign-currency commercial debt restructuring is probable, given the magnitude of economic damage from the war with Russia and resulting large fiscal needs in … Read more
Fitch Ratings has downgraded DTEK Energy B.V.’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to ‘Restricted Default’ (RD) from ‘C’ following the execution of the tender offer and the company’s disclosure of the result of its consent solicitation related to changes in the notes’ documentation, the agency said on its website. “We view the … Read more
The international rating agency Fitch Ratings has upgraded Private Joint Stock Company National Power Company Ukrenergo’s (Ukrenergo) state- guaranteed notes’ senior unsecured rating to ‘CC’ from ‘C’ following the restructuring of its $825 million bonds. “The notes’ Recovery Rating remains unchanged at ‘RR4.’ The upgrade follows the restructuring of Ukraine’s debt. Fitch has also assigned … Read more
Fitch Ratings has upgraded Ukraine’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘CC’ from ‘RD’ (restricted default). “The upgrade of Ukraine’s LTFC IDR to ‘CC’ follows the execution of consent solicitation on 11 August to restructure external debt, which we deem constitutes completion of a distressed debt exchange (DDE), curing the ‘restricted default,” Fitch … Read more
Fitch Ratings has downgraded Ukraine’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘C’ from ‘CCC’, the rating agency said on its website. “Fitch typically does not assign outlooks to sovereigns with a rating of ‘CCC+’ or below. Fitch has removed all of the ratings from Under Criteria Observation (UCO),” it said. “On July 20, … Read more
Fitch Ratings has revised National Joint Stock Company Naftogaz Ukrainy’s outlook to stable from positive, while affirming company’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B’, the rating agency said on its website. “The outlook revision follows a recent similar action on Ukraine’s sovereign rating (B/Stable) and the application of Fitch’s Government-Related Entities (GRE) Rating … Read more
The international rating agency Fitch Ratings has downgraded the outlook on Ukraine’s long-term foreign currency issuer default rating (IDR) from “positive” to “stable” and affirmed the IDR at “B” level. “Expectations for a longer period of escalation in tensions with Russia, heightened risk of conflict, tight financing terms, moderate capital outflows and weakening international reserves … Read more