KIEV, March 3 – Fitch Ratings has placed Naftogaz Ukrayiny's Long-term local and foreign currency Issuer Default Ratings (IDRs) of 'B –' (B minus) on Rating Watch Negative (RWN).

"The RWN reflects Fitch's near-term concerns regarding a combination of factors: an inadequate level of state support for Naftogaz, accumulating payment arrears from communal heating enterprises, a decline in the industrial supply segment, the availability of foreign exchange to pay future dollar maturities, and uncertainty over the outcome of current IMF negotiations with Ukraine ('B'/Negative).