KIEV, Jan. 13 – Fitch Ratings has affirmed Naftogaz Ukrayiny's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'CCC,' the agency said in a statement on Friday.

Naftogaz's $1.595 billion government-guaranteed notes are affirmed at 'B' with a Recovery Rating of 'RR4'.

"The IDRs continue to reflect that default is a real possibility due to the continued weakness of Naftogaz's business and particularly its financial profile and its ongoing dependency on the Ukrainian government for timely liquidity support," reads the statement.