Companies@UA: База компаний Украины

Kyiv, July 31 (Interfax-Ukraine) - Fitch Ratings has downgraded National JSC Naftogaz's long-term foreign and local currency issuer default ratings (IDRs) to 'CC' from 'B-' respectively.

Both ratings remain on rating watch negative (RWN). Fitch simultaneously downgraded the senior unsecured rating on Naftogaz's $500 million eurobond to 'CC' from 'B' and maintained it on RWN. The recovery rating (RR) on the eurobond is 'RR4'.

"The rating action reflects the possibility of a coercive debt exchange and the absence of a stable funding plan for near-term financial obligations, which makes a default of some kind probable," said Anton Krawchenko, the associate director of Fitch's Energy, Utility and Regulations team.