KIEV, Sept. 21 – Fitch Ratings on September 18, 2015, downgraded PrivatBank's (Privat) Long-term foreign currency Issuer Default Rating to 'RD' (Restricted Default) from 'C' on completion of the bank's $200 million eurobond restructuring, Fitch said in a statement.

The Viability Rating (VR) was downgraded to 'f' from 'c'

According to the statement, the downgrade of Privat's Long- and Short-term foreign currency IDRs to 'RD' and the bank's VR to 'f' follows the completion of the restructuring of its $200 million senior eurobond, which was due on September 23, 2015. The restructuring involved an extension of maturity, but no write-down of principal, and the coupon rate was increased. The new maturity of the senior bond will depend on progress with the restructuring of the bank's subordinated debt due in 2016 (not rated by Fitch).