C.bank sends Fitch its objections to downgrading Ukraine’s rating

18:02, 21 October 2008
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“We do not understand their approach..."

The central bank of Ukraine has sent to Fitch rating agency its objections to downgrading the Ukraine’s rating by the agency.

According to an UNIAN correspondent, c.bank top deputy head Anatoliy Shapovalov claimed this to journalists Tuesday.

“We have sent our objections to Fitch. We do not understand their approach. I assess the rating downgrade by Fitch as an absolutely political move. They absolutely do not take into account economic showings”, A.Shapovalov stressed. At the same time, the rating downgrade negatively influences volumes of resource markets.

On October 17, Fitch Ratings has today downgraded Ukraine`s Long-term foreign and local currency Issuer Default Ratings (IDRs) to `B+`, from `BB-` (BB minus). The Outlooks on both IDR remain Negative. The agency has also downgraded the Country Ceiling to `B+` from `BB-` (BB minus) . The Short-term foreign currency IDR is affirmed at `B`.

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