MOSCOW, LONDON (Sputnik) — According a Fitch press release, "the issue ratings on Ukraine's senior unsecured foreign and local currency bonds have also been affirmed at 'CC' and 'CCC', respectively."
"The Country Ceiling has been affirmed at 'CCC' and the Short-term foreign currency IDR at 'C'."
A year-long military conflict in eastern Ukraine, which began when Kiev launched an operation against independence supporters, has resulted in an economic crisis, leaving Ukraine on the verge of a default. The country's currency, the hryvnia, has dropped significantly since 2014.
The country relies increasingly on external financial assistance to reanimate its stagnant economy amid a deep recession and high inflation.
The overall external financial aid package to Kiev amounts to about $40 billion, to be administered over the next four years; comprising loans from the International Monetary Fund, the United States and the European Union among others.
