Fitch lowers three Ukrainian companies

Fitch Ratings said it downgraded three Ukrainian corporates following the downgrade of Ukraine to B from B+. The outlook for these companies is negative.

The agency downgraded NJSC Naftogaz of Ukraine's long-term foreign- and local-currency issuer default ratings to B- from B and its foreign-currency senior unsecured rating to B/RR4 from B+. The company's issuer default ratings are rated one notch below the sovereign due to implied government support.

Fitch downgraded DTEK Holding Ltd.'s long-term foreign-currency issuer default rating to B from B+, affirmed its B+ long-term local-currency and B short-term foreign-currency issuer default ratings and assigned a B short-term local-currency issuer default rating. The long-term foreign-currency issuer default rating is constrained by Ukraine's B country ceiling.

DTEK's national long-term rating and national senior unsecured rating were upgraded to AA+(ukr) from AA-(ukr), and Fitch said this due to a recalibration of its national Ukrainian scale and thereby a relative improvement in DTEK's credit profile compared to other Ukrainian issuers.

The agency downgraded Metinvest BV's long-term foreign-currency issuer default rating to B from B+ and affirmed its B+ long-term local-currency issuer default rating and its B short-term foreign- and local-currency issuer default ratings. The long-term foreign-currency issuer default rating is constrained by Ukraine's B country ceiling.

Metinvest's national long-term rating was upgraded to AA+(ukr) from A+(ukr), and its national short-term rating was upgraded to F1+(ukr) from F1. These changes are also due to the recalibration of Fitch's national Ukrainian scale.

Corp. Industrial Union of Donbass (B/negative/B), CJSC Donetsksteel Iron and Steel Works (B-/ Watch negative/B-), OJSC Concern Stirol (B-/stable/B) and Interpipe Ltd. (CCC/Watch negative/C) were not affected because these companies are not constrained by the country ceiling, Fitch said.

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