Moody's cuts Naftogaz

Moody's Investors Service said it downgraded the Ba3 foreign-currency corporate family and probability-of-default ratings of NJSC Naftogaz to B1 and assigned a developing outlook. This action concludes the review for downgrade.

The agency also lowered the $500 million senior unsecured loan participation notes to B1 from Ba3.

Moody's said the downgrade follows Moody's reassessment of the dependence factor that plays a critical role in Naftogaz's ratings.

The outlook reflects the general uncertainties surrounding the longer-term future of the company, in view of the ongoing political instability in Ukraine, the status of gas price negotiations with Gazprom and the absence of visibility into Naftogaz's operational and financial performance beyond 2008, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.