Fitch cuts Naftogaz to ‘CC’
31 July 2009
Fitch Ratings Service said yesterday that it downgraded the long-term foreign and local currency issuer default rating of Naftogaz of Ukraine from ‘B-‘ to ‘CC’. Both ratings remain on Rating Watch Negative. Fitch also lowered the rating on Naftogaz’ USD 500 mln 2009 Eurobonds from ‘B’ to ‘CC’. The bonds have a recovery rating of RR4.
