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Ukraine Debt Rating Cut by Fitch as Foreign Funding Squeezed

Ukraine’s credit grade was cut to the same level as Greece and Cyprus by Fitch Ratings, which cited the eastern European nation’s strained external finances.

Fitch lowered its assessment of Ukraine’s long-term foreign and local-currency sovereign debt rating one step to B-, six levels below investment grade, according to a statement today from London. It assigned a negative outlook, indicating the rating may be cut further into junk territory.