Akhmetov's energy empire faces default, according to Fitch.

Rinat Akhmetov

Rinat Akhmetov

International rating agency Fitch Ratings has downgraded the long-term issuer default ratings (IDRs) in foreign and national currencies of Ukrainian energy holding DTEK from “CCC” to “C”.

Novoye Vremya reports this.

Level "C" means "inevitable default".

Fitch based its decision on DTEK's weak liquidity level.

According to the London Stock Exchange, DTEK's net loss in 2014 amounted to UAH 19,648 billion, compared to a net profit of UAH 2,98 billion the year before.

DTEK is the energy division of System Capital Management, Ukraine's largest business group, which is owned by oligarch Rinat Akhmetov.

Add a comment

Subscribe to our channels in Telegram, Facebook, Twitter, VC — Only new faces from the section CRYPT!