The market trends last week concerning Ukrainian Naftogaz (CCC) which was about to miss the coupon payment on Eurobonds mirrored negative attitude to Ukrainian issuers, Fitch Ratings informed.
The coverage of the IH coupon ($75.8mln) on Eurobonds released in the volume of $1.595bn was provided only two days before the expiration as far as the accounts of the Company are frozen in line with the British court decision.
Fitch considers liquidity and portfolio of Naftogaz as rather weak. The IH 2013 EBITDA was negative (4.7bn hryvna) due to serious outflow of the funds.
Fitch ranked the Eurobonds released by Naftogaz till 2014 at B-level with respect to the government guarantees.