Fitch boosts Naftogaz, gives eurobond B

Fitch Ratings said it has upgraded OJSC Naftogaz's long-term foreign and local currency issuer default ratings to CCC from RD (restricted default).

The agency said it has placed the issuer default ratings on negative outlook.

Fitch noted that it 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.

The agency said that the rating action follows Naftogaz's foreign currency debt restructuring solicitation made on Sept. 24, under which the company's previous bond and all bilateral foreign currency debt had been replaced with a government guaranteed bond.

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