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Fitch affirms long-term foreign currency issuer default rating for Ukraine at CCC

February 28, 2014, 11:05 UTC+3 MOSCOW
Ukraine’s possible attraction of foreign funding mainly depends from how quickly the country may form a government that will gain public recognition
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© EPA/JUSTIN LANE

MOSCOW, February 28. /ITAR-TASS/. International rating agency Fitch has affirmed long-term foreign currency issuer default rating (IDR) for Ukraine at CCC and long-term local currency IDR at B- with the negative outlook, the rating agency said in a statement.

Political risks remain high and change of power may entail different consequences that complicate assessment of the situation, Fitch said in the statement.

Ukraine’s possible attraction of foreign funding mainly depends from how quickly the country may form a government that will gain public recognition and may approve an economic program. New country’s authorities assumed a commitment to lead the country from an economic crisis through investments by the International Monetary Fund (IMF) and Europe. Meanwhile, there is no concrete data on size and duration of Ukraine’s credit liabilities, the agency noted.

Fitch experts noted that relations between Russia and Ukraine had cooled down. Russia does not recognize the new government and suspended the issue of a new tranche of financial aid totaling $15 billion, by which Ukraine hoped to refinance the domestic debt, Fitch stated. Ukraine’s payment for the country’s foreign debt will make $6 billion for 2014, as Ukraine should repay a relatively small amount of country’s credit liabilities in March-May and should repay Eurobonds worth $1 billion in June.

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