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Fitch says Ukraine hryvnia fall could hit rating

Posted by the Editor on October 28, 2008


News / 28 October 2008 | 12:00

Fitch says Ukraine hryvnia fall could hit rating

Ratings agency Fitch said on Monday any further sharp falls in Ukraine`s hrvynia could put the country`s rating under pressure but added an International Monetary Fund rescue deal could help restore confidence, Reuters reported.Fitch downgraded Ukraine to B+ with a negative Outlook on October 17, and director of Fitch`s sovereign group Andrew Colquhoun said the hrvynia , the banking sector, and haemorrhaging foreign reserves remained key concerns.

“A further drastic fall in the currency would cause considerable problems for the banking sector, particularly given how dollarised Ukrainian economy is,” he told Reuters in a telephone interview.

“It could put downward pressure on the rating… I wouldn`t say abolishing the currency band necessarily rules out the central bank intervening in the foreign exchange market… hopefully the IMF money should help restore confidence and so be supportive of the rating.”

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