Fitch cuts Ukraine

10:10, 13 February 2009
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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.


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