Fitch placed ratings of "Naftogaz of Ukraine" in the Rating Watch "negative" list

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The international rating agency Fitch Ratings placed today the long-term ratings of a default of the issuer (RDI) in foreign and national currency of B-(B a minus) NAK Naftogaz Ukrainy under supervision in the Rating Watch "negative" list. About it it is spoken in the agency message.

The room of ratings in the Rating Watch "negative" list reflects concern of Fitch in the short-term plan concerning a combination of the following factors: inadequate level of the state subsidies for "Naftogaz of Ukraine", accumulated debt on payments from the companies of a municipal heat supply, recession in a segment of deliveries to the industrial enterprises, availability of currency to payment in the future of dollar obligations with coming maturity dates and uncertainty concerning results of the current negotiations between the IMF and Ukraine (B/forecast "negative" rating). If these factors aren't resolved in the next months, it can have an adverse effect on ability of the company to carry out considerable repayments of a debt in the second half of the year 2009. At the same time the room of ratings in the Rating Watch "negative" list doesn't mean existence at concern Fitch concerning ability of "Naftogaz of Ukraine" to carry out the payments which terms come soon (to holders of eurobonds on March 3 and to "Gazprom" on March 7).

The priority poor rating In company eurobonds for the sum of 500 million dollars with repayment in September, 2009 is also placed in the Rating Watch "negative" list. Rating of recoverability of assets on bonds - RR4. Fitch considers now reliability of the state guarantee of Ukraine on a debt of "Naftogaz of Ukraine" to nonresidents which on the present moment causes a priority poor rating at the level of a sovereign rating. Influence of proceeding economic volatility and results of the current negotiations with the IMF can have impact on opinion of Fitch about ability and readiness of the state to provide guarantee execution in the future, notes agency.

As for ratings of recoverability of assets, Fitch now limits them to the RR4 level on a number of emerging markets, including Ukraine, from - for such factors as uncertainty concerning that, how legal systems in these countries support the rights of creditors. The rating of recoverability of assets of RR4 reflects opinion of agency that the average value of recoverability of means in case of a default will make 31-50%.

Earlier today the chairman of JSC Gazprom Alexey Miller declared to journalists in Madrid that the Russian gas monopolist doesn't intend to pull together penalties from Ukraine for a considerable shortage of gas in February of the current year. It reminded that its negotiations with the head of "Naftogaz of Ukraine" Oleg Dubinoy the day before took place, and noted: "Has to calm all. Ukraine assured that is timely and in appropriate volumes will pay for gas".

We will remind, on February 16 Fitch lowered "Naftogaz" rating among a number of the largest companies of Ukraine from the B + level to "B" with the "negative" forecast.

And in October, 2008 of Fitch lowered long-term ratings of a default of the issuer of NAK Naftogaz Ukrainy in national and foreign currencies with B+ to B.

NAK Naftogaz Ukrainy - the largest state vertically - the integrated oil and gas company of Ukraine, which enterprise extract more than 97% of gas and oil in the country. NAK is engaged in development of fields, oil and gas production, their transportation, and also realization of oil products through own network of gas station.


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