The Long-Term Foreign-Currency (LTFC) IDR has been affirmed at 'RD' (Restricted Default) and the Country Ceiling at 'B-'.

"In Fitch’s view, the proposed Domestic Debt Optimisation (DDO) will qualify as a distressed debt exchange (DDE) under their criteria, as it entails a material reduction in terms and is needed to avoid a traditional payment default," the ratings agency's statement said.