KYIV, July 15 - Fitch Ratings has downgraded National Joint Stock Company Naftogaz Ukrainy's (Naftogaz) Long-Term Issuer Default Rating (IDR) to 'C' from 'CCC' following its consent solicitation to defer its debt servicing of its eurobonds, including that due on July 19, 2022, the rating agency said on its website.

"We view the solicitation as a Distressed Debt Exchange (DDE) under Fitch's criteria, given the restructuring would involve a material reduction in terms and is conducted to avoid insolvency," it said.