KIEV, Sept. 29 – Moody's Investors Service has downgraded the probability of default rating (PDR) of NJSC Naftogaz of Ukraine ("Naftogaz") to Ca from Caa2.

Naftogaz's foreign currency corporate family and debt ratings remain unchanged, at Caa2. The ratings remain under review, but Moody's changed the direction to uncertain from possible downgrade.

According to Moody’s, the rating action reflects the Sept. 24 restructuring offer by Naftogaz, in which Naftogaz invites the holders of the company's $500 million Loan Participation Notes due 30 September 2009 ("the Notes") to consent to their restructuring.