(RTTNews) - Fitch Ratings lowered Ukraine’s long-term foreign and local currency Issuer Default Rating to ‘B’ from ‘B+’. The outlook on the long-term foreign and local currency IDRs are negative. The firm also lowered the Country Ceiling to ‘B’ from ‘B+’. Moreover, the short-term foreign currency IDR was confirmed at ‘B’.

Fitch said the revised ratings reflect the increased risk of a banking and currency crisis in Ukraine, due to intensified stress on the financial system and greater risks to successful implementation of Ukraine’s IMF-supported programme. The IMF provided US$16.4 billion to Ukraine to help bail out the economy from its banking and financial crisis.

Meanwhile, the firm expects Ukraine’s GDP to contract 4.5% in 2009.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2009 RealTimeTraders.com, Inc. All Rights Reserved

Posted in Categories: Economy, Releases, UK, USA.

Subscribe by RSS Subscribe by Email