Moody's downgrades Kyiv, Kharkiv, Berdyansk

Moody’s Investors Service said yesterday that it cut the foreign and local currency issuer ratings of three Ukrainian cities from ‘B1’ to ‘B2’: Kyiv, Kharkiv and Berdyansk. Moody’s also lowered the foreign currency debt rating of Kyiv and the local currency debt rating of Berdyansk from ‘B1’ to ‘B2’. The outlook for all the ratings is negative. On Tuesday Moody’s downgraded Ukraine’s sovereign foreign and local currency debt ratings from ‘B1’ to ‘B2’.