Fitch rates Ukraine eurobond BB-

Fitch Ratings said it assigned Ukraine's upcoming 10-year $1 billion eurobond a BB- rating.

The outlook is positive.

Fitch said the rating is in line with the country's foreign-currency issuer default rating. Ukraine's economic performance in 2006 has been strong despite a sharp rise in gas prices in January, political risk has diminished following the peaceful transition to a new government in August and Ukraine's ratings have the potential to go up the scale if the country achieves continued economic growth without overheating, the agency added.

While inflation has dropped since authorities revalued the currency in April 2005, the agency said that the country's leaders need to remain vigilant for signs that the economy is overheating.

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