Fitch downgrades Ukraine

Fitch Ratings said it downgraded Ukraine's long-term local currency issuer default rating to CCC from B- and affirmed its long-term foreign currency issuer default rating at CCC.

The issue ratings on Ukraine's senior unsecured local currency bonds were downgraded to CCC from B- while the senior unsecured foreign currency bonds were affirmed at CCC. The country ceiling was affirmed at CCC and the short-term foreign currency issuer default rating at C.

Ukraine is partway through a political transition that began in February when popular protests ousted former president Viktor Yanukovych. A new administration has signed a stand-by arrangement with the IMF and embarked on a program of economic reforms. Polls indicate new elections in October could lead to stronger parliamentary backing for this program, but economic and political risks could derail it, S&P said.

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