Moody's: Naftogaz probability of default at Ca/LD

Moody's Investors Service said it has changed the probability of default rating of NJSC Naftogaz of Ukraine to Ca/LD from Ca.

The rating action reflects the actual default by Naftogaz on repayment of its $500 million loan participation notes due Sept. 30, 2009 at their maturity, the agency added.

According to Moody's, Naftogaz's foreign currency corporate family and debt ratings remain unchanged at this point in time at Caa2 while the ratings remain under review with direction uncertain, which reflects uncertainty over the execution of the restructuring proposal put forward by the company to its debt holders.

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