Fitch changes Ukrainian corporates

Fitch Ratings said it took various rating actions on seven Ukrainian corporates following its downgrade of Ukraine's sovereign rating to B- from B on Thursday. The sovereign outlook is negative.

Fitch downgraded NJSC Naftogaz of Ukraine's sovereign-guaranteed foreign-currency bond ratings to B- with a recovery rating of 4 from B and affirmed its other ratings, including the CCC long-term foreign-currency issuer default rating, with a negative outlook.

The agency downgraded DTEK Holding Ltd.'s long-term foreign-currency issuer default rating to B- from B because it is constrained by Ukraine's B- country ceiling and downgraded its long-term local-currency issuer default rating to B from B+. The outlook is negative for the issuer default ratings and stable for the AA+(urk) national long-term rating.

Fitch downgraded Metinvest BV's long-term foreign-currency issuer default rating to B- from B because it is constrained by Ukraine's B- country ceiling and the long-term local-currency issuer default rating to B from B+. The outlook for these ratings is negative.

The agency also upgraded Metinvest's national long-term rating to AA+(ukr) from AA-(ukr) and its national short-term rating to F1+(ukr) from F1(ukr) following a recalibration of the national scale. The outlook for these ratings is stable.

Fitch downgraded PJSC Azovstal Iron and Steel Works' long-term foreign- and local-currency issuer default ratings to B- from B, downgraded its senior unsecured foreign-currency rating to B- with a recovery rating of RR4 from B and upgraded its national long-term rating to AA-(ukr) from A+(ukr). The outlook is negative for the issuer default ratings and stable for the national rating.

The agency downgraded MHP SA's long-term foreign-currency issuer default rating to B- from B because it is constrained by Ukraine's B- country ceiling, lowered its senior unsecured foreign-currency rating to B- with a recovery rating of RR4 from B and placed the B long-term local-currency issuer default rating on Rating Watch negative. The outlook is negative for the issuer default rating.

Fitch downgraded OJSC Myronivsky Hliboproduct's long-term foreign-currency issuer default rating to B- from B because it is constrained by Ukraine's B- country ceiling and gave it a negative outlook, placed the B long-term local-currency issuer default rating on Rating Watch negative and placed the A-(ukr) national long-term rating on Rating Watch evolving.

The agency affirmed OJSC Concern Stirol's ratings, including the B- long-term foreign-currency issuer default rating, and changed the outlook to negative from stable to align it with Ukraine's sovereign outlook.

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