Fitch revises Ukraine's rating outlook to negative

Fitch Ratings announced yesterday it revised the outlook on Ukraine’s sovereign ratings from “stable” to “negative”, citing the country’s growing risk of a currency crisis, driven by a widening current account deficit and deteriorating financing prospects. Ukraine’s sovereign ratings are affirmed at long-term foreign and local issuer default (IDRs) BB- and at short-term foreign currency IDR B. The agency also affirmed Ukraine’s ceiling at BB-. Fitch Ratings also downgraded the outlook on the ratings of nine Ukrainian banks (Bank Forum, Oshchadbank, Privatbank ProCredit Bank, Swedbank, Ukreximbank, UkrSibbank, Ukrsotsbank, VTB Bank) to “negative”, following the revision of Ukraine’s sovereign rating outlook.