Fitch lowers PrivatBank to RD

Fitch Ratings said it downgraded PJSC Commercial Bank PrivatBank's long-term foreign currency issuer default rating to RD (restricted default) from C and the viability rating to f from c.

Fitch said the downgrades follow the completion of the restructuring of its $200 million senior eurobond, which was due on Sept. 23, 2015. The restructuring involved an extension of maturity, but no write-down of principal, and the coupon rate was increased. The new maturity of the senior bond will depend on progress with the restructuring of the bank's subordinated debt due in 2016 (unrated).

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