Fitch lowers IUD from 'B' to 'B-,' withdraws ratings

In a statement on Friday, Fitch Ratings announced that it downgraded the long-term issuer default rating of the Industrial Union of Donbas from ‘B’ to ‘B-‘; outlook on the rating is negative. The ratings agency said the downgrade was related to volatility in demand and prices for steel that weaken its ability to meet its financial obligations. Fitch affirmed IUD’s short-term IDR at ‘B’. Fitch said that it simultaneously withdrew its ratings and coverage on IUD.