Fitch admits default of Naftogas

Fitch Ratings admits the default of NAK Naftogas Ukrainy in the case of absence of support from the Government of the Ukraine, press service of the Agency reports.

“We think the timely financial support from the Government stays of crucial importance for its paying ability as Naftogas has a significant operational deficit caused by the discrepancy between the import prices for gas ad domestic tariffs for gas. We think that the company is likely to face a default without support”, experts of Fitch say.

Fitch has confirmed the long-term ratings of Naftogas in foreign and local currencies at the CCC level.