Fitch gives negative outlook for Ukraine's credit rating

2013-07-01 12:11:16 GMT2013-07-01 20:11:16(Beijing Time)  Xinhua English

KIEV, July 1 (Xinhua) -- Credit rating agency Fitch on Monday downgraded the outlook for Ukraine's creditworthiness from "stable" to "negative".

The rating agency reconfirmed Ukraine's long-term foreign and local currency Issuer Default Ratings (IDRs) at "B" level.

In accordance with the Fitch scale, the "B" level ratings indicate that credit risk is present in economy, but a limited margin of safety remains.

Fitch does not expect that Ukraine will reach an agreement with the International Monetary Fund (IMF) on a new loan in 2013, the agency said.

It also forecast a 0.5 to 1 percent growth of Ukrainian economy in 2013 and 2 to 3 percent growth in 2014.

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