Fitch Ratings has cut its long-term foreign
and local currency issuer default ratings on Ukraine's Naftogaz to 'C'
from 'CC' respectively.
The rating outlook is negative, a Fitch press release says. Fitch simultaneously downgraded from 'CC' to 'C' the senior unsecured rating on Naftogaz' USD 500 million worth of eurobond issue due in September 2009. The recovery rating on the eurobonds is 'RR4'.
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