Fitch downgrades Kyiv, Kharkov

Fitch Ratings said it downgraded the city of Kyiv’s and the city of Kharkov's long-term foreign-currency issuer default ratings to C from CC.

Typically, the agency said it schedules reviews of local- and regional governments and sovereign ratings on an annual basis. The next scheduled review date for Kyiv was Sept. 18 and Oct. 23 for Kharkov.

However, the agency said it assessed the cities’ ratings following the downgrade of Ukraine's long-term foreign-currency issuer default rating Aug. 27.

The ratings on Kyiv and Kharkov are constrained by the sovereign, in line with the agency’s criteria, Fitch said.

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