Fitch Ratings, an international rating agency, upgraded the default rating of the Naftogaz Group to 'CC'.
Naftogaz announced this on social media.
"This happened primarily due to the successful restructuring of obligations under Eurobonds. At the same time, the experts gave a positive assessment of efforts by the Naftogaz team to increase production and maintain stable operation of infrastructure, as well as improved operating performance," said Oleksii Chernyshov, Naftogaz Chairman of the Board and CEO.
He added that this improved rating would allow the company to attract funding on international capital markets on better terms, which would help strengthen Ukrainian energy independence.
Earlier, Fitch Ratings approved the long-term default rating of Ukrainian Railways at the ‘CC’ level.
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