Fitch cuts Ukraine bonds

Fitch Ratings said it has downgraded Ukraine's long-term foreign and local currency issuer default ratings to B- from B.

The outlooks on the long-term issuer default ratings are negative.

The agency said it has also downgraded the issue ratings on Ukraine's senior unsecured foreign and local currency bonds to B- from B.

The country ceiling is downgraded to B- from B and the short-term foreign currency issuer default rating is affirmed at B.

The downgrade reflects an increasingly fragile external financing position and constraints on the sovereign's ability to borrow in foreign currency to refinance heavy external debt repayments through 2014-2015, Fitch stated.

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