Red Bull’s principal Horner says Kvyat’s confidence grows ahead of Russia F1 GPSport April 28, 15:59
Finishing Russia Grand Prix in top five will be good for Red Bull drivers — team principalSport April 28, 15:54
Austria’s OMV head tells Putin about joint plans with Gazprom to extract gas in SiberiaBusiness & Economy April 28, 15:16
Central Bank may lower key rate to 8.5% by year’s end — Ex-Finance Minister KudrinBusiness & Economy April 28, 15:02
Russia to reach target oil production cut level on April 30 — energy ministerBusiness & Economy April 28, 14:36
Bernie Ecclestone says racing track in Sochi remains among his favorite onesSport April 28, 14:19
Russia ready to provide Hitler’s skull to scrutinize its authenticitySociety & Culture April 28, 14:15
State-run Ukrainian bank launches seizure of ex-president Yanukovich’s assetsBusiness & Economy April 28, 14:05
Russia to upgrade parachute for Ratnik ‘soldier of future’ combat outfitMilitary & Defense April 28, 13:46
MOSCOW, November 26. /TASS/. Fitch Ratings has upgraded the Long-term foreign currency Issuer Default Rating (IDR) of Ukraine's national oil and gas company, Naftogaz, to "CCC" from "CC", the agency reported on Thursday.
The local currency IDR has been affirmed at "CCC", the report said.
According to Fitch, "the rating actions follow the upgrade of the sovereign rating to "CCC" from "RD".
"Naftogaz' ratings are aligned with those of Ukraine, its sole shareholder, and reflect its strong links with the state, the continued weakness of the company's financial profile and its exposure to political risks. We consider that timely financial support from the state remains critical for its solvency as Naftogaz still has a significant operating deficit — albeit reducing due to staged price liberalisation - caused by the disparity between imported gas prices and domestic gas tariffs for households and heat generation companies. We believe that the company is likely to default without such support," the agency said.
Fitch upgraded Ukraine to "CCC" as the country has emerged from default on commercial external debt, issuing new bonds on 12 November to holders of $15 bln in defaulted Eurobonds. The restructuring pushed out maturities to 2019-2027.
On November 25, Naftogaz of Ukraine was banned form buying natural gas from Russia. The prime minister said the main reason for the decision is the difference in European and Russian gas prices, with European ones being "much better", as Arseniy Yatsenyuk said.