The Fitch international rating agency has affirmed Naftogaz’s credit rating at CC.
This was announced in the agency’s statement, Ukrainian News Agency reports.
Naftogaz’s CC rating reflects the risks associated with russia’s war against Ukraine.
Analysts note the intensification of russian attacks on Ukrainian oil and gas infrastructure. Significant damage to assets has forced Naftogaz to significantly increase natural gas imports in the period 2025-2026.
To finance it, the company uses its own funds, grant support from international partners and loan financing, in particular from the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).
Fitch also affirmed the rating of Naftogaz’s Eurobonds issued by Kondor Finance plc at C. The Recovery Rating was left at RR6.
Despite the shelling, Naftogaz remains the largest extractive company in Ukraine, which also became a factor in maintaining the rating.
As Ukrainian News Agency earlier reported, in 2025, the Naftogaz of Ukraine group received almost UAH 5.8 billion in net profit, which is 6.3 times less than in 2024. This is almost 7 times less than the amount of receivables.
100% of the shares of Naftogaz of Ukraine are owned by the state represented by the Cabinet of Ministers of Ukraine.
The company is a state-owned joint-stock company that is not subject to privatization.
The group includes subsidiaries such as Ukrgasvydobuvannia, Ukrtransgaz, and Ukrnafta (in which the state also consolidated control).
Naftogaz provides over 90% of oil and gas production in Ukraine.
