Fitch affirms Naftogaz

Fitch Ratings said it affirmed NJSC Naftogaz of Ukraine's (Naftogaz) long-term foreign- and local-currency issuer default ratings at CCC, along with its $1.6 billion government-guaranteed notes at B with a recovery rating of RR4.

The affirmation is based on the continued weakness of Naftogaz's business and financial profile and its ongoing dependency on the government for liquidity support, Fitch said.

Naftogaz's liquidity also remains weak, with no committed undrawn credit facilities, while funds from operation interest cover stood at 1x for 2009, 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.