Fitch confirmed the limited default of Naftogaz of Ukraine.

The international rating agency Fitch Ratings has confirmed the long-term default rating of the issuer Naftogaz of Ukraine at the RD level as attempts to restructure two issues of Eurobonds continue, the agency’s message states. The RD rating reflects an unremedied default on the repayment of two of Naftogaz’s three Eurobond issues maturing in July 2022 for $335M and November 2026 for $500M. Eurobonds maturing in July 2024 were restructured with an extension of the maturity until July 2026. Consent requests for the other two Eurobond issues did not find support, and the company plans to submit an alternative request in the near future.