Fitch downgrades Ukraine

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

The issue ratings on Ukraine's senior unsecured foreign currency bonds have been downgraded to CC from CCC, while the senior unsecured local currency bonds have been affirmed at CCC, the agency said.

The country ceiling has been affirmed at CCC and the short-term foreign currency issuer default rating at C, Fitch noted.

The downgrade of Ukraine's long-term foreign currency issuer default rating to CC, which indicates that a default of some kind appears probable, reflects, among other things, the new IMF program that will help to close Ukraine's financing gap, but an associated restructuring of privately held external debt appears increasingly probable.

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