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    Fitch Downgrades Ukraine to CCC From B-

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    International ratings agency Fitch on Friday downgraded Ukraine’s long-term foreign currency issuer default rating (IDR) by two notches, to CCC from B-, citing political instability.

    MOSCOW, February 7 (RIA Novosti) – International ratings agency Fitch on Friday downgraded Ukraine’s long-term foreign currency issuer default rating (IDR) by two notches, to CCC from B-, citing political instability.

    Fitch Ratings affirmed the long-term local currency IDR at B-, outlook negative.

    The agency said the country had seen months of political uncertainty and escalating tensions, while talks between the government and the opposition ended with little progress.

    The issue ratings on Ukraine’s senior unsecured foreign and local currency bonds were also downgraded to CCC from B- and affirmed at B-, respectively.

    The country ceiling was downgraded to CCC from B-, and the short-term foreign currency IDR was downgraded to C from B.

    Two other major ratings firms, Standard & Poor’s Ratings Services and Moody’s Investors Service, also downgraded Ukraine’s status last week.

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