Fitch affirms Naftogaz credit rating at 'CC'
International rating agency Fitch has affirmed the long-term issuer default rating (IDR) of NJSC Naftogaz of Ukraine at ‘CC’ following the restructuring of the company’s $0.6 billion and EUR0.7 billion Eurobonds issued through Kondor Finance.
Fitch Ratings has maintained Naftogaz of Ukraine's long-term issuer default rating (IDR) at 'CC' following the restructuring of the company's $0.6 billion and EUR0.7 billion Eurobonds. The 'CC' rating reflects concerns about Naftogaz's capacity to meet debt obligations on time, due to weak liquidity, high operating risks in Ukraine, including attacks on its infrastructure during the Russia-Ukraine conflict, and limited access to external financing.
Naftogaz's U.S. dollar- and euro-denominated bonds were affirmed at 'C' with a Recovery Rating of 'RR6.' The rating agency noted ongoing Russian attacks on Ukraine's oil and gas infrastructure, which have forced the company to import more natural gas in 2025-2026 using its own resources, grant support, and credit financing. Although the extension of Eurobond maturities is seen as a positive for Naftogaz's credit profile, the rating remains steady due to the support from the Ukrainian government.
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