Fitch Ratings has downgraded 12 Ukrainian companies' ratings, following the agency's rating action on the Ukrainian sovereign (see 'Fitch Downgrades Ukraine to CCC'; dated 7 February 2014 on www.fitchratings.com).
The agency downgraded Ukraine’s Long term foreign currency Issuer Default Rating (IDR) to ‘CCC’ from ‘B-‘ and affirmed the local currency IDR at ‘B-‘ Outlook Negative and the Short-term foreign currency IDR to ‘C’ from ‘B’. Ukraine’s Country Ceiling was downgraded to ‘CCC’ from ‘B-‘.
The corporate rating actions reflect the increased uncertainty regarding the political and economic situation in the Ukraine which may ultimately threaten companies’ ability to meet both their foreign and local currency obligations.
