Fitch rates DTEK notes CCC

Fitch Ratings said it assigned CCC/RR4 ratings to the $1.6 billion of notes issued by DTEK Finance plc, a subsidiary of DTEK Energy BV. Fitch also upgraded DTEK Energy's long-term foreign- and local-currency issuer default ratings to CCC from RD. DTEK is the parent guarantor of DTEK Finance's notes.

The new notes were issued as part of a restructuring that was completed in May.

“The upgrade reflects our assessment of DTEK's post-restructuring capital structure and business risk following the recent restructuring of its debt after a default in 2020. The outcome of the restructuring of one remaining bank loan (constituting less than 1% of total debt), which is still being negotiated, does not have any bearing on the rating due to its limited size and the company's ability to refinance this debt or transfer it to a related party outside the rated group,” Fitch said in a press release.

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