KIEV, Jan. 17 - Fitch Ratings has affirmed NJSC Naftogaz Ukrayiny's (Naftogaz) Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'CCC', respectively. Naftogaz's $1.595 billion government-guaranteed notes are affirmed at 'B' with a Recovery Rating of 'RR4'.

As Fitch said in a statement, the affirmation is based on the continued weakness of Naftogaz's business and financial profile and its ongoing dependency on the government for liquidity support.