Fitch Ratings has affirmed Ukraine-based Interpipe Limited's Long-term Issuer Default Rating (IDR) at 'RD' (Restricted Default), Fitch said in a press release.

Additionally, the senior secured rating of the company's 2017 eurobonds has been affirmed at 'C'. The bond's Recovery Rating is 'RR5'.

"We downgraded Interpipe's Long-term IDR to 'RD' in November 2013 following an uncured payment default. Interest payments are no longer being made. Interpipe continues to face a very challenging sales environment in both its key product segments of pipes and wheels. Interpipe continues to hold discussions with its lending group regarding the restructuring of principal debt repayments. Under the proposed timeline for these talks, Interpipe is scheduled to put a formal proposal to the bank and bond creditors by the end of 2015," Fitch said in the press release.

"We now expect Interpipe to record revenues of $700-800 million in 2015 with EBITDA in the range of $60-75 million. The weakness in end markets continues to be offset by operating cost reductions due to the depreciation of the Ukrainian hryvnia and Interpipe's own cost cutting programs. Fixed costs are estimated to have fallen by 35% year-on year in 1H15. As at 1H15 Interpipe had approximately $15 million of unrestricted cash and had no undrawn committed credit lines," Fitch said.

With all debt classified as current due to the previous payment default, the group's future liquidity remains dependent on negotiations with its creditors regarding debt restructuring.

Interpipe is a global producer of steel pipes and railway wheels.