Fitch upgrades Naftogaz to 'CCC'

Fitch Ratings, on Friday, upgraded Naftogaz of Ukraine’s long-term issuer default rating from ‘RD’ (restricted default) to ‘CCC’ with a negative outlook following the restructuring of its Eurobonds into new USD 1.6 bln in notes maturing in 2014 with a 9.5% coupon. Fitch assigned Naftogaz’ new Eurobonds an expected senior unsecured rating of ‘B’ and recovery rating of ‘RR4’.