International rating agency Fitch has affirmed the long-term issuer default rating (IDR) of NJSC Naftogaz of Ukraine at ‘CC’ following the restructuring of the company’s $0.6 billion and EUR0.7 billion Eurobonds issued through Kondor Finance. Fitch added that it also affirmed Naftogaz’s U.S. dollar- and euro-denominated bonds at ‘C’ with a Recovery Rating of ‘RR6.’ As part of its standard rating procedure, Fitch first downgraded Naftogaz from ‘CC’ to ‘RD’ before immediately restoring it to ‘CC.’ At the same time, Fitch views the extension of Eurobond maturities as a positive factor for the company’s credit profile. Despite the shelling, state-owned Naftogaz remains Ukraine’s largest oil and gas producer and continues to have government support, which also helped preserve the rating.