KIEV, Jan. 10 - Fitch Ratings on Jan. 10 announced it upgraded Naftogaz Ukrainy’s senior unsecured rating to 'BB-' from 'B+' and removed it from Rating Watch Negative (RWN).

Fitch also affirmed its Recovery Rating at 'RR4'. Naftogaz's Long-term foreign and local currency Issuer Default Ratings (IDR) of 'B+' remain on RWN. This upgrade was precipitated by a state budget provision to guarantee Naftogaz's existing debt held by non-residents.