Fitch upgrades Naftogaz to 'CCC'; assigns expected bond rating of 'B'

November 06 at 16:31 | Interfax-Ukraine
Fitch Ratings on Nov. 6, 2009, upgraded Ukraine-based OJSC Naftogaz's Long-term foreign and local currency issuer default ratingsto 'CCC', from restricted Default, Fitch said in a statement.

The agency placed the issuer default ratings on Negative Outlook.

Fitch also assigned an expected senior unsecured rating of 'B' to Naftogaz's $1.595 billion eurobond due Sept. 30, 2014, which replaces the $500 million eurobond due Sept. 30, 2009. The expected Recovery Rating on the eurobond is 'RR4'.