Fitch Ratings has downgraded DTEK Energy B.V.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'C' from 'CC' following a tender offer to the holders of its 7.0%/7.5% senior secured payment-in-kind (PIK) toggle notes due 2027. Fitch expects to downgrade the IDR to 'RD' on the completed tender offer and simultaneously re-rate the company at 'CC' to reflect the post-transaction capital structure.