KIEV, Oct. 21 – Fitch Ratings is keeping the rating of Naftogaz Ukrayiny’s 2014 eurobonds at 'B' because of the sovereign guarantee, the rating agency said in a statement.

"Had the coupon not been paid within 30 days, it would have triggered a cross default on all Ukraine's sovereign debt," reads the statement.

Fitch Ratings says that the recent market reaction around Naftogaz of Ukraine's near miss on its eurobond coupon highlights the negative sentiment that Ukrainian issuers are facing.