KYIV, Dec 7 - The international rating agency S&P Global Ratings has downgraded the long-term rating of DTEK RES from "B-" to "CCC+" against the backdrop of outstanding debt for electricity generated by the Guaranteed Buyer state enterprise.

"Even though we understand DTEK Renewables is receiving regular payments from state-owned monopoly offtaker Guaranteed Buyer, it has not yet received UAH 3 billion (about EUR97 million) in historical arrears that were supposed to be settled with the proceeds from the recent Ukrenergo $825 million eurobond issue. We see heightened risks for receivables collection because of the energy crisis in Ukraine and the recent statement of Ukraine's President Zelensky accusing DTEK Renewables' ultimate owner, Rinat Akhmetov, of potential participation in an attempted coup d'etat (which he denies). We therefore lowered our long-term issuer credit rating on DTEK Renewables to 'CCC+' from 'B-'," the rating agency said on its website.