Fitch slashes Ukraine

Fitch Ratings said it downgraded Ukraine's long-term foreign-currency issuer default rating to CCC from B. The agency usually does not assign outlooks or apply modifiers to sovereigns with a rating of CCC or below. Before the downgrade, the outlook was stable.

“The military invasion by Russia has resulted in heightened risks to Ukraine's external and public finances, macro-financial stability and political stability. Russia has launched missile and ground operations across multiple fronts, including Kyiv. There is high uncertainty over the extent of Russia's ultimate objectives, the length, breadth and intensity of the conflict, and its aftermath,” Fitch said in a press release.

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