NAK Naftogaz Ukraine will not be able to avoid a formal default, despite the fact that the Government announced the intention to issue Eurobonds to restructure the company.
This opinion was expressed in the comments UNIAN senior analyst at Astrum Investment Management Sergey Fursa.
According to him, although the company has started negotiations with investors and will soon publish a proposal to be a restructuring agreement with bondholders are unlikely to be reached before the date of repayment.
As a result, analysts say, if Naftogaz will sign an agreement with creditors to defer implementation of the commitments, according to papers the company will be defaulted. At the moment we see no prerequisites to sign an agreement to defer and expect to complete the restructuring of Eurobonds NAC will be in default, - said Fursa.
As UNIAN reported earlier, Fitch Ratings downgraded the long-term Issuer Default ratings (IDR) in foreign and local currency NAK Naftogaz of Ukraine with the level of SS to C .
Both supervised by the rating on Rating Watch marked Negative.
Fitch also downgraded the senior unsecured rating of eurobonds of Naftogaz of $ 500 million from the level of CC to C and remove it from Rating Watch Negative. Rating recoverability of assets on eurobonds of the company is at the level of RR4.
The downgrade reflects the recent statements of Naftogaz and the Government of Ukraine on their willingness to restructure the entire company's debt in foreign currency. At present, Fitch considers it unlikely that the Eurobond will be paid on time (September 30, 2009) and, if Payment will be made, the agency will carry out a further lowering of IDRs of Naftogaz to the level of RD (restricted default), - the report said Fitch.
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