Fitch rates Naftogaz notes B

Fitch Ratings said it assigned Kondor Finance plc’s proposed loan participation notes an expected senior unsecured B rating with a recovery rating of RR4.

“The expected senior unsecured rating is in line with Naftogaz’s issuer default rating (IDR),” Fitch said in a press release.

Kondor Finance will sell the notes on a limited recourse basis for the sole purpose of funding a loan to NJSC Naftogaz of Ukraine. The proceeds are expected to be used by Naftogaz for general corporate purposes, including the prepayment of debt in connection with a tender launched by Naftogaz on a portion of 2022 and 2024 notes.

© 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.