Fitch downgrades Metinvest, IUD, Interpipe, Ukrainian banks

Yesterday, Fitch Ratings downgraded its long-term ratings on Metinvest, IUD, and Interpipe. Fitch took down its long-term national currency rating on Metinvest from BB- to B+ (stable outlook); the long-term issuer default rating (IDR) on the Industrial Union of Donbas from B+ to B (negative outlook); and the long-term IDR on Interpipe from B+ to B. Fitch also placed Donetskstal’s long-term foreign and local currency IDRs of B- on Rating Watch Negative. In separate notes, Fitch cited the current global economic downturn and potential volatility in the demand for and pricing of metal products. Additionally, Fitch revised the outlooks on 11 Ukrainian banks ratings from stable to negative to reflect increased concerns about their credit profiles in light of sharp depreciation in the national currency.