OREANDA-NEWS. Fitch Ratings has taken multiple actions on the National Ratings of nine Ukrainian issuers, following a recalibration of the Ukrainian National Rating scale. The recalibration was a result of Fitch's recent sovereign rating downgrade, which led to revisions to our view of the relative credit quality of issuers rated on the Ukraine National Scale. A full list of rating actions is available at the end of this commentary.

The rating actions follow the downgrade of Ukraine's Long-term local currency Issuer Default Rating (IDR) to 'CCC' from 'B-'; and affirmation of the Long-term foreign currency IDR at 'CCC'.

Affected issuers:
Avangardco Investments Public Limited (Avangardco) National Long-term Rating downgraded to 'A(ukr)' from 'AA+(ukr)'; Outlook Stable.

DTEK Holding BV ('DTEK') National Long-term Rating upgraded to 'BBB-(ukr)' from 'BB+(ukr)'; Outlook Stable

Please see "Fitch Downgrades DTEK's Long-term Local Currency IDR to 'CCC'" dated 1 August 2014 at www.fitchratings.com for Key Rating Drivers and Rating Sensitivities.

Fintest Trading Co Limited (Fintest) National Long-term Rating affirmed at 'C(ukr)'.

Kernel Holding SA (Kernel) National Long-term Rating downgraded to 'A(ukr)' from 'AA+(ukr)'; Outlook Stable.

Metinvest BV National Long-term Rating downgraded to 'BBB(ukr)' from 'AA+(ukr)'; Outlook Stable and National Short-term Rating downgraded to 'F3(ukr)' from 'F1+(ukr)'.

Rating Sensitivities, which have changed since the August affirmation, are as follows:
- Future developments that could lead to a positive rating action include sustained improvement in security in eastern Ukraine, combined with only limited disruption to production.
- Future developments that could lead to a negative rating action include a deterioration of security in eastern Ukraine and evidence of further material reductions in production.

Mriya Agro Holding Public Limited (Mriya) National Long-term Rating affirmed at 'C(ukr)'.

OJSC Creative Group Public Limited (Creative) National Long-term Rating upgraded to 'A-(ukr)' from 'BBB+(ukr)'; Outlook Stable.

OJSC Myronivsky Hliboproduct (MHP) National Long-term Rating downgraded to 'AA-(ukr)' from 'AA+(ukr)', Outlook Stable.

Ukrlandfarming PLC National Long-term Rating downgraded to 'A(ukr)' from 'AA+(ukr)'; Outlook Stable.