Fitch Ratings on March 26, 2015, affirmed Ukraine-based Avangardco Investments Public Limited's (Avangardco) Long-term foreign and local currency Issuer Default Ratings (IDR) at "CC' and downgraded its National Long-term Rating to 'B(ukr)' from 'BB(ukr)'.

The Outlook for the National Long-term Rating is Negative, Fitch said in a statement.

Fitch also downgraded the foreign currency senior unsecured rating to 'C' from 'CC'. The Recovery Rating (RR) was revised to 'RR5' from 'RR4'.

Fitch says the downgrade of National Long-term Rating reflects the company's weak liquidity position at end-2014 and increased uncertainty regarding Avangardco's ability to repay the eurobond due October 2015 given expected limited free cash flow generation in 2015.

The downgrade of senior unsecured rating to 'C'/RR5 reflects below-average recovery prospects for unsecured creditors in a going concern scenario. This follows in the rating agency's downwardly revised estimate for post-restructuring EBITDA due to recent significant hryvnia devaluation, decreasing sales volumes and uncertainty regarding export prices in 2015.

Fitch simultaneously withdrew the ratings due to insufficient information.

Accordingly, Fitch will no longer provide ratings or analytical coverage of Avangardco.

Avangardco Investments Public Limited's ratings are the following:

-- Long-term foreign currency IDR affirmed at 'CC'; withdrawn

-- Long-term local currency IDR affirmed at 'CC'; withdrawn

-- National Long-term rating downgraded to 'B(ukr)' from 'BB(ukr)'; Negative Outlook; withdrawn

-- Foreign currency senior unsecured rating downgraded to 'C' with Recovery Rating of 'RR5' from 'CC' with Recovery Rating of 'RR4', withdrawn