Fitch drops Naftogaz to CC

Fitch Ratings said it downgraded OJSC Naftogaz's long-term foreign- and local-currency issuer default ratings to CC from B- and its $500 million eurobond to CC/RR4 from B, and kept ratings on Rating Watch negative.

"The rating action reflects the possibility of a coercive debt exchange and the absence of a stable funding plan for near-term financial obligations which makes a default of some kind probable," Anton Krawchenko, an associate director at Fitch, said in a statement.

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