Fitch cuts Ukraine
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.