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Published on 3/18/2008 in the Prospect News Emerging Markets Daily.

Fitch affirms Ukraine

Fitch Ratings said it affirmed Ukraine's long-term foreign- and local-currency issuer default ratings at BB-, along with its country ceiling at BB- and the short-term issuer default rating at B.

The outlook is positive.

Ukraine's credit fundamentals are improving, Fitch said, owing to solid growth supported by rising investment. Entry in the World Trade Organization in 2008 is positive news, while public debt remains low, the agency said.

However, rising inflation and risks in the banking sector and external finances currently make an upgrade premature, Fitch added. Ukraine faces near-term risks to its economic stability from rising inflation, which hit 22% year-on-year in February 2008, driven by strong monetary expansion as a result of unsterilized capital inflows in the context of a fixed exchange rate, with a 34% rise in food prices contributing, the agency said.


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