Fitch Ratings on March 26, 2015, affirmed Ukraine-based UkrLandFarming PLC's (ULF) 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'.

According to Fitch, the downgrade of the National Long-term Rating reflects ULF's weak liquidity at end-2014 as cash sources were insufficient to cover short-term debt.

The downgrade of the senior unsecured rating to 'C'/RR5 reflects below-average recovery prospects for unsecured creditors in a going concern scenario. This follows the rating agency's downwardly revised estimate for post-restructuring EBITDA due to weak soft commodity prices affecting the group's crop growing business and the rating agency's expectation of lower profits from subsidiary AvangardCo for 2015-2016 as a result of recent significant hryvnia devaluation and decreasing sales volumes.

Fitch reported it has simultaneously withdrawn the ratings due to insufficient information. Accordingly, Fitch will no longer provide ratings or analytical coverage of ULF.

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-- Long-term foreign currency IDR affirmed at 'CC'; withdrawn

-- Long-term local currency IDR affirmed at 'CC'; withdrawn

-- National Long-term rating downgraded to 'B(ukr)' from 'BB(ukr)'; Negative Outlook; withdrawn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senior unsecured rating downgraded to 'C' with Recovery Rating of 'RR5' from 'CC' with Recovery Rating of 'RR4'; withdrawn