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Fitch takes Ukraine's sovereign rating down to 'B'

Fitch takes Ukraine's sovereign rating down to 'B'

13 February 2009

Fitch Ratings announced yesterday evening that it downgraded Ukraine’s long-term foreign and local currency Issuer Default Ratings from ‘B+’ to ‘B.’ Fitch said the cut reflects increased risk of a banking and currency crisis due to intensified stress on the financial system and greater risks to implementation of Ukraine’s IMF-supported program. The outlook on both IDRs is negative.

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