Fitch cuts Kyiv to CCC

Fitch Ratings said it has downgraded the City of Kyiv, the City of Kharkov and Odessa Region's long-term foreign currency issuer default ratings to CCC from B- and short-term foreign currency issuer default rating to C from B.

Fitch said it has affirmed the long-term local currency issuer default ratings at B-. The outlooks on the long-term local currency issuer default ratings are negative.

According to the agency, Kyiv's outstanding senior unsecured eurobonds totaling $550 million have been downgraded to CCC from B- while its domestic bonds totaling UAH 5.4 billion have been affirmed at B-.

The long-term local currency rating of Kharkov's outstanding UAH 99.5 million senior unsecured domestic bonds has also been affirmed at B-, Fitch noted.

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