International rating agency Fitch has downgraded the long-term issuer default rating and senior unsecured debt rating of Ukrainian mobile operator Vodafone Ukraine from CCC to CCC-.
This was announced in the agency's statement, Ukrainian News Agency reports.
The downgrade reflects the significant risk of refinancing the company's Eurobonds (USD 280.1 million outstanding as of December 2025) with the approaching maturity in February 2027.
The agency expects the National Bank of Ukraine to continue to restrict cross-border payments by private companies in foreign currency to meet external debt obligations.
Fitch predicts that Vodafone Ukraine will have limited access to international capital markets and insufficient liquidity in foreign accounts to cover future maturities.
At the same time, the agency added that the mobile operator's ratings remain supported by its strong positions in the Ukrainian mobile communications market and high profitability.
As Ukrainian News Agency earlier reported, Vodafone Ukraine bonds with a maturity in February 2027 and a nominal rate of 9.625% per annum were issued for USD 300 million.
On April 24, 2025, Vodafone Ukraine announced the accrual of dividends to its shareholder in the amount of UAH 660.245 million (USD 15.9 million at the exchange rate specified in the announcement) for 2024.
On December 3, 2019, Bakcell (Azerbaijan) completed the transaction to purchase the mobile communications operator Vodafone Ukraine (formerly MTS-Ukraine) from the telecommunications company MTS for USD 734 million.
Bakcell is part of the NEQSOL Holding group of companies, founded by Azerbaijani Nasib Hasanov.
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