Fitch upgrades DTEK’s IDRs to ‘CCC’ from ‘RD’ after restructuring of company’s debt

Fitch Ratings has upgraded Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of DTEK Energy B.V. to 'CCC' from 'RD' (Restricted Default). The upgrade reflects Fitch's assessment of DTEK's post-restructuring capital structure.

Fitch also has assigned new $1.6 billion notes issued by DTEK Finance plc, a subsidiary of DTEK Energy B.V. a 'CCC'/'RR4' rating.

Fitch said that the outcome of the restructuring of one remaining bank loan (constituting less than 1% of total debt), which is still being negotiated, does not have any bearing on the rating due to its limited size and the company's ability to refinance this debt or transfer it to a related party outside the rated group.

As reported, DTEK Energy on May 17 completed the restructuring its loan portfolio, which provides for the conversion of the current issue of loan participation notes and the principal amount of bank debt in the amount of over $2 billion into new notes.

Source: www.en.interfax.com.ua