Fitch cuts Ukraine

10:10, 13 February 2009
712 0

Sees risk of banking, FX crisis

Fitch Ratings on Thursday downgraded Ukraine`s credit ratings, saying the country faces increased risks of a banking and a currency crisis, especially if it fails to implement an agreement with the International Monetary Fund, Reuters reported.

The ratings agency downgraded Ukraine`s long-term foreign and local currency ratings to "B" from "B+." The outlook on the ratings is negative.

"The political consensus needed for Ukraine to adhere to its IMF-backed program is fragile, while the global and regional macroeconomic environment has deteriorated further since the previous downgrade in October 2008," Fitch`s analyst Andrew Colquhoun said in a statement.

Reuters

If you see a spelling error on our site, select it and press Ctrl+Enter