The international rating agency Fitch Ratings has downgraded Ukraine's long-term issuer rating (IDR) in foreign currency from 'B' to 'CCC', RIA Novosti reports.
At the same time, the organization did not assign a forecast to the rating.
Fitch explained the downgrade by the fact that the situation in Ukraine has led to increased risks for external and domestic finances, as well as for the macro-financial and political stability of the country. It is reported by TASS. The organization also stated that the duration and intensity of the conflict and its consequences are highly uncertain.
According to Fitch Ratings, the current state of affairs could lead to a serious shock to the key indicators of the country's creditworthiness. In addition, the conflict and its consequences may affect economic activity and the foreign exchange market of Ukraine, contribute to the growth of inflationary pressure and macroeconomic volatility, the agency explained.
On February 24, Russian President Vladimir Putin announced that he had decided to conduct a military special operation to protect Donbass in response to a request for help from the heads of the LPR and DPR.
Ukraine severed diplomatic relations with Russia. Ukrainian President Volodymyr Zelensky has submitted a draft law on general mobilization to the Verkhovna Rada.
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