OREANDA-NEWS. March 16, 2015. Fitch Ratings has downgraded Ukraine-based OJSC Creative Group Public Limited's (Creative) foreign and local currency Issuer Default Ratings (IDR) to 'C' from 'CC'. Fitch has also downgraded Creative's National Long-term rating to 'C(ukr)' from 'B-(ukr)'. All ratings have been removed from Rating Watch Evolving and subsequently withdrawn.

The downgrade reflects longer-than-expected negotiations since the company missed payment under its pre-export financing (PXF) facility and a high chance of distressed debt exchange. Fitch does not have sufficient information about the PXF line restructuring process, and the timing and outcome of negotiations remain unclear.

The ratings are withdrawn as they are no longer considered analytically meaningful.