NEW YORK Nov 8 Fitch on Friday downgraded
Ukraine's sovereign rating by one notch and warned more cuts
could be on the way, pointing to the country's shaky financing
position and possible roadblocks to foreign currency borrowing.
Fitch cut the country to B-minus from B, with a negative
"The downgrade reflects an increasingly fragile external
financing position, and constraints on the sovereign's ability
to borrow in foreign currency to refinance heavy external debt
repayments through 2014-2015," Fitch said in a statement.
Ukraine's economy is dominated by steel and chemical
exports, sectors which have been badly hit by weakening global
Key indicators show the economic situation is significantly
worse now than it was a year ago, and analysts believe that Kiev
may have to turn to the International Monetary Fund for help
Moody's rates the country Caa1; Standard and Poor's rates
the country B-minus. All three major agencies rate the country
well into speculative, or junk, territory.