Fitch Affirms Ukraine's Long-Term Foreign Currency Rating at 'CC'

Fitch Ratings said Friday it had affirmed Ukraine's Long-term foreign currency Issuer Default Rating (IDR) at 'CC' and local currency IDR at 'CCC'.

MOSCOW, LONDON (Sputnik) — According a Fitch press release, "the issue ratings on Ukraine's senior unsecured foreign and local currency bonds have also been affirmed at 'CC' and 'CCC', respectively."

A year-long military conflict in eastern Ukraine, which began when Kiev launched an operation against independence supporters, has resulted in an economic crisis, leaving Ukraine on the verge of a default. The country's currency, the hryvnia, has dropped significantly since 2014.

The country relies increasingly on external financial assistance to reanimate its stagnant economy amid a deep recession and high inflation.

The overall external financial aid package to Kiev amounts to about $40 billion, to be administered over the next four years; comprising loans from the International Monetary Fund, the United States and the European Union among others.

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