: :inin Kyiv (EET)

Fitch downgrades Kyiv’s ratings to pre-default level


Fitch Ratings has downgraded Kyiv’s long-term foreign and local currency Issuer Default Ratings (IDRs) to ‘CC’ from ‘CCC,’ Espreso.TV has reported.
The downgrade follows the city’s missed payment on October 6, 2014 of a scheduled repayment of UAH 1.125 billion.
If Kyiv does not cure the overdue payment on October 9, 2014, Fitch will consider the extension of the bond repayment as a distressed debt exchange (DDE). A DDE will be viewed a ‘Restricted Default’ and the agency will downgrade Kyiv’s national long-term rating and local currency long-term IDR to ‘RD’ (Restricted Default) and the bond ratings of the affected security to ‘D’ (Default).

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