Fitch rates Naftogaz LPNs B

Fitch Ratings said it assigned Kondor Finance plc’s proposed loan participation notes an expected senior unsecured B rating and recovery rating of RR4. The notes will be offered by Kondor Finance on a limited recourse basis for the sole purpose of funding a loan to NJSC Naftogaz of Ukraine.

“The LPNs are rated at the same level as Naftogaz’s issuer default rating of B as the repayment of the principal amount under the loan will rank at least pari passu with other unsecured and unsubordinated creditors of Naftogaz,” the agency said in a press release.

The proceeds are expected to be used by Naftogaz for general corporate purposes, including for the repayment of debt, Fitch said.

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