Fitch downgrades Ukraine to CCC rating

KIEV, Ukraine, Feb. 8 (UPI) -- Financial assessment firm Fitch has dropped Ukraine's credit score to become the third of the three large credit rating firms to do so in the last week.

RIA Novosti reported Saturday that Fitch joined Moody's Investors Service and Standard & Poor's by giving Ukraine a CCC rating, down from its previous B minus score.

Ukraine's senior unsecured foreign debt was downgraded from B minus to CCC. Local currency bonds were affirmed at B minus.

Fitch said political instability was a contributing factor in the downgrade, although it left the rating for Ukraine's currency at B minus with a negative outlook.

The negative outlook implies that Fitch's rating for the currency could be revised soon.