Fitch upgrades DTEK Energo to CCC after debt restructuring
International rating agency Fitch Ratings has raised DTEK Energo's default rating in foreign and national currencies from RD (limited default) to CCC following the company's debt restructuring.
This is stated in the message of the rating agency from June 11.
Fitch also assigned a $ 1.6 billion CCC and RR4 rating to the new securities of DTEK Finance (a subsidiary of DTEK Energo)
In May 2021, they completed the process of restructuring bank debt and current securities by converting them into new Eurobonds, totaling more than $ 2 billion.
The terms of the restructuring are the conversion of current debt on DTEK Energo Eurobonds into DTEK Naftogaz Eurobonds for $ 425 million at a rate of 6.75%, with a maturity of up to 2026.
The remaining debt will be converted into new DTEK Energo Eurobonds worth $ 1.65 billion at a rate of 7%, maturing by the end of 2027.