KIEV, Feb. 5 - Fitch Ratings has downgraded Ukraine-based pipes and railway wheels producer Interpipe Limited's (Interpipe) Long-term Issuer Default Rating to ‘CCC' from 'B-' (B minus), Fitch said in a statement.

The agency has simultaneously downgraded Interpipe's Short-term IDR to 'C' from 'B' and downgraded its senior unsecured rating to 'CCC/'RR4' from 'B-' (B minus)/'RR4'. The Long-term IDR and senior unsecured rating remain on Rating Watch Negative (RWN) pending the outcome of covenants testing in FYE2008 and FY2009.