Fitch drops DTEK Energy

Fitch Ratings said it downgraded DTEK Energy BV's long-term foreign- and local-currency issuer default ratings to restricted default (RD) from C following the company's disclosure of the result of its consent solicitation related to changes in the notes' documentation.

“We view this as a distressed debt exchange,” the agency said in a news release.

Fitch said it simultaneously upgraded the issuer default rating to CC reflecting DTEK Energy's post-restructuring profile as default risk remains high.

Fitch also affirmed DTEK Energy's senior unsecured rating and the rating on its outstanding bonds at C with a recovery rating of RR5.

“DTEK Energy's IDR of CC reflects its tight liquidity situation, which follows the severe operational disruptions resulting from Russia's invasion of Ukraine,” the agency said.

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