Rating agency Fitch Ratings has changed the credit rating of DTEK Energy BV in foreign and national currency. The change in the rating was due to the repurchase of part of the Eurobonds, in which Fitch Ratings saw an exchange of problem debt.

First downgraded from C (near default) to RD (limited default), but immediately upgraded to CC (very high credit risk). After these manipulations, the rating of DTEK Energy BV has become higher.

The company used $19.8 million from offshore accounts to buy back part of the outstanding 7-7.5% Eurobonds-2027 for a total nominal amount of $80 million. The agency noted that the implementation of the tender offer was below the target level of $50 million.

In the near future, DTEK Energy's debt repayments will be low - $10 million in June 2023 and $10 million in December 2023. In addition, it must pay interest in the amount of $26 million quarterly..

Fitch points out that there is little money left in the company's foreign accounts, and it does not yet have permission to transfer abroad from Ukraine for payments on Eurobonds.

The agency assesses the risk of further significant disruptions to the company's activities as high.

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