Fitch Ratings has downgraded Kyiv's Long-term local currency Issuer Default Rating (IDR) to 'C' from 'CC', Fitch said in a press release, RBC-Ukraine (РБК-Украина) reports.
According to the press release, the downgrade of Kyiv's Long-term local currency IDR reflects Fitch's view that the default by the city on certain senior debt obligations is now almost inevitable.
This follows recent announcements by the city to extend the maturities of these bonds (series F, G and H). On September 3, 2015 and July, 30, 2015 Kyiv city council voted for the deferment of payment of the priority unsecured domestic bonds amounting to UAH 5.165 billion for 360 days, Fitch said in a press release.
In addition, Fitch Ratings also downgraded the National Long-term rating to 'CCC (ukr)' from 'BB (ukr)', Fitch said in a press release.
