Fitch rates Kondor Finance LPNs B-

Fitch Ratings said it assigned Kondor Finance plc's proposed loan participation notes an expected senior unsecured B- rating and recovery rating of RR4.

The LPNs will be issued by Kondor Finance on a limited recourse basis for the purpose of funding a loan to NJSC Naftogaz of Ukraine (B-/stable).

“The LPNs are expected to be rated at the same level as Naftogaz's issuer default rating of B- as the repayment of the principal amount under the loan will rank at least pari passu with other unsecured and unsubordinated creditors of Naftogaz,” the agency said in a news release.

“The loan from Kondor Finance to Naftogaz will constitute a direct, unconditional and unsecured obligation of Naftogaz.”

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