Fitch removes DTEK from watch

Fitch Ratings said it affirmed DTEK Renewables BV's long-term foreign-currency issuer default rating at B- and removed it from rating watch negative.

“The affirmation reflects the improved payment discipline of the state-owned guaranteed buyer for the supplied electricity from renewables producers and commencement of the repayment of outstanding receivables to renewables generators for electricity supplied in March-July 2020, although with a delay to initial schedule,” Fitch said in a press release.

The agency said the guaranteed buyer fully paid DTEK Renewables for electricity supplied in August-December 2020, although the settlements are made in arrears. It has paid 81%-93% for electricity supplied in January-March 2021.

DTEK expects payments for 1Q21 to be fully settled in 2Q21, Fitch said.

The outlook is stable.

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