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Fitch Ratings notes the systemic crisis in the energy sector of Ukraine

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the Rating Agency Fitch changed the long-term credit rating of the Issuer, DTEK RES "b" to "B-", Outlook – negative.

Fitch Ratings notes the systemic crisis in the energy sector of Ukraine

the International rating Agency Fitch Ratings says the systemic crisis and the lack of further reforms in the energy sector of Ukraine, as well as the instability of the calculations and the debts of the produced green electricity from SE "Guaranteed Buyer". About it announced in a press-service of DTEK Ukrainian billionaire Rinat Akhmetov.

the Crisis in the absence of decisions regarding changes in legislation revision of the size of green tariff and a General deterioration of the economic situation in Ukraine amid the pandemic coronavirus were the reason for the deterioration in the credit rating of DTEK RES "b" to "B-" with negative Outlook.

"If the situation with payments will not change financial condition of the company will be even more weakened, which could lead to a further reduction rating," said Fitch Ratings.

Negotiations with investors in renewable energy and the government of Ukraine regarding changes in the law of RES last more than nine months. Over this period, as the RES sector is even worse: the debt SE "Guaranteed Buyer" before the players in the market for generating green electricity has reached 14 billion, not adjusted to the end of the reform on the industry's transition to competitive mechanisms to stimulate renewable energy – green auctions, there is little understanding of the future prospects of the sector. The lack of action by the national Commission and the authorities cited renewable energy investors for the actual default, when a company can't pay the loans, to pay suppliers, to pay wages. This leads to the risk of failure of implementation of international energy and climate obligations, as well as further development of the industry.

"the Decline in the ratings of DTEK renewables reflects the crisis in the renewable energy sector of Ukraine. In a similar difficult conditions are all investors of renewable energy. Today, it is essential to stabilize the situation in the industry and to find a mutually acceptable compromise solution between the government and investors to exit from the crisis. Procrastination worsens the situation negatively affects investment climate and may lead to irreversible consequences," - said General Director of DTEK renewables Philip Lekebush.

June 10, two associations of renewable energy, participating in mediation with the authorities under the patronage of the European Energy Community, signed Memorandum of understanding with the government. The Memorandum means the actual worsening of the financial conditions of all renewable energy projects. This is the cost of inaction and errors, which will pay investors in renewable energy. The provisions of this Memorandum shall be the basis of changes in legislation, and, after the adoption of these regulatory amendments by Parliament, to promote stabilization of the situation and in particular the protracted crisis.

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