Fitch downgrades, recalls ratings on Donetskstal

Yesterday Fitch Ratings cut Donetskstal’s long-term foreign and local currency issuer default ratings from ‘B-‘ to ‘CCC’, its short-term foreign and local currency IDRs from ‘B’ to ‘C’, and its national scale ratings. At the same time, Fitch said that it withdrew its ratings on Donetskstal and will no longer provide coverage on the issuer.