Naftogaz on negative watch on failure to publish IFRS statements for FY06- Fitch |
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Published
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Mon, 15 Oct 2007 15:15
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MUMBAI (Thomson Financial) - Fitch Ratings said it has placed the ratings of NJSC Naftogaz of Ukraine on negative watch as the company has failed to publish IFRS financial statements for financial year 2006 and is also due to settle an outstanding amount of up to 700 mln usd for natural gas deliveries by Nov 1.The ratings include the Ukraine state gas monopoly's long-term foreign and local currency issuer default ratings (IDR) of 'B+', senior unsecured rating of 'B+' and Recovery Rating of 'RR4'.Publishing the fiscal 2006 financial statements is a covenant in Naftogaz's 2009 Eurobond issue documentation, and receipt of these accounts by bondholders was due by Aug 31. The negative watch may be resolved by a decision taken by Naftogaz bondholders on Oct 25, Fitch said.Fitch said it has considered withdrawing Naftogaz's ratings due to the delay in the provision of good financial disclosure. However, given recent indications that financial disclosure will be forthcoming, Fitch has instead placed Naftogaz's ratings on negative watch.TFN.newsdesk@thomson.comans/ranCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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OFFICIAL CORRECTION BAA's ratings still on negative watch - Fitch 