NBU to sue against international rating agencies?

The National Bank of Ukraine could apply to court to prove the groundlessness of international rating agencies’ revisions of Ukraine’s sovereign ratings, the NBU Deputy Chairman Alexander Savchenko said in an interview to Ekonomicheskiye Izvestiya yesterday. According to Savchenko, the NBU found that analysts of international rating agencies used false data while providing estimates on Ukraine’s ratings and that their calculations were incorrect. On September 25 Fitch Ratings revised the outlook on Ukraine’s sovereign ratings from “stable” to “negative”, citing the country’s growing risk of a currency crisis. Olexandr Klymchuk: Unfortunately, failures of rating agencies were rather the rule than exception this year and are perceived as commonly one of the reasons of the current financial crisis.