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

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.