The nationalisation and planned recapitalisation of Ukraine's largest bank is a key step in efforts to reduce vulnerabilities stemming from the country's banking sector, Fitch Ratings says.
The implications for Ukraine's sovereign credit profile of the political crisis which saw two parties leave the governing coalition will depend on whether IMF disbursements are further delayed and official lenders' willingness to support Ukraine is weakened, Fitch Ratings said in a press release on February 23.
Fitch Ratings has upgraded Ukraine's Long-term foreign currency Issuer Default Rating (IDR) to 'CCC' from 'RD' (Restricted Default) and affirmed the Long-term local currency IDR at 'CCC', Fitch said in a press release.
Fitch Ratings and Standard & Poor's have lowered their long-term foreign currency issuer credit ratings for Kyiv City to 'D' (Default) after the city authorities missed their payment deadline on the city's eurobonds.
Fitch Ratings has downgraded the City of Kyiv's Long-term local currency Issuer Default Rating (IDR) to 'C' from 'CC' and its National Long-term rating to 'CCC(ukr)' from 'BB(ukr)', Fitch said in a press release.