Fitch downgrades Kyiv, Odesa, Kharkiv, Naftogaz, DTEK

Fitch yesterday announced that it lowered the ratings of Kyiv, Odesa and Kharkiv from ‘B+’ to ‘B’. Fitch also said that it cut the ratings of Naftogaz of Ukraine from ‘B+/RR4’ to ‘B/RR4’, due to the sovereign downgrade last week. Fitch also downgraded the Donbas Fuel & Energy Company (DTEK) from ‘B+’ to ‘B’. Both Naftogaz and DTEK’s ratings have a negative outlook. Fitch said the downgrades were a result of the lowering of the sovereign rating ceiling last week. Additionally, Fitch said that it maintained the rating on Stirol at ‘B’ with a stable outlook. Fitch also confirmed the long-term Issuer Default Rating of Industrial Union of Donbas at ‘B’ with a negative outlook and its short-term IDR at ‘B’; Donetskstal’s long-term IDR at ‘B-‘ and short-term IDR at ‘B’ with a negative outlook; and Interpipe’s long-term IDR at ‘CCC’ and short-term IDR at ‘C’ also with a negative outlook.