DTEK Energy

Fitch Ratings downgraded its long-term foreign currency issuer default rating (IDR) on DTEK Energy to Restricted Default (RD) from C, reflecting the company’s completion of a Eurobond repurchase ($82m of principal acquired for $50m) on Oct. 30, 2023, which the agency viewed as a distressed debt exchange. Fitch simultaneously upgraded the rating to CC, reflecting DTEK’s post-restructuring profile.

Moody’s affirmed its corporate family rating (CFR) on DTEK Energy at Ca, keeping the rating outlook negative. The agency said its assessment accounted for a high risk of default and low expected recovery for DTEK Energy creditors in view of low electricity demand in Ukraine and NBU regulations prohibiting cross-border currency payments for debt servicing. The negative rating outlook reflected the risk of potential liquidity shortage and major operational disruptions due to Russian attacks.