Fitch cuts Ukrainian corporates

Fitch Ratings said it downgraded nine Ukrainian corporate issuers and affirmed one, following Ukraine's military invasion by Russia, which increases the issuers' operating risks and jeopardizes their ability to service their financial obligations. The downgrades also follow the agency's downgrade of Ukraine's sovereign ratings on Friday.

“Russia has launched missile, ground and sea operations across multiple fronts, including Kyiv. There is high uncertainty about the extent of Russia's ultimate objectives, the length, breadth and intensity of the conflict, and its aftermath. However, multiple infrastructure and industrial facilities have already been damaged and the risk to employee wellbeing, severe disruption to operations or plant and equipment remains high,” Fitch said in a press release.

Fitch cut DTEK Oil & Gas BV’s long-term foreign-currency issuer default rating to CCC from B-, DTEK Renewables BV to CCC from B-, Interpipe Holdings plc to CCC from B, Kernel Holding SA to CCC from BB-, Metinvest BV to CCC from BB-, MHP SE to CCC from B+, NJSC Naftogaz of Ukraine to CCC from B, Ukrenergo to CCC from B and VF Ukraine PJSC to CCC from B.

Concurrently, the agency affirmed DTEK Energy BV’s long-term foreign-currency issuer default rating at CCC.

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