Fitch Ratings on February 14 downgraded the cities of Kyiv and Kharkiv, and Odesa region's Long-term foreign currency Issuer Default Ratings (IDRs) to 'CCC' from 'B-'.

Fitch says that the rating actions follow its downgrade of Ukraine's Long-term foreign currency IDR to 'CCC' from 'B-', and the affirmation of the sovereign's Long-term local currency IDR at 'B-' with a Negative Outlook.

Kyiv, Kharkiv cities and Odesa region's Long-term local currency IDR is affirmed at 'B-' with a Negative Outlook.

Ratings of Kyiv unsecured eurobonds worth $550 million are lowered to 'CCC' from 'B-'.

Ratings of Kyiv's municipal bonds worth UAH 5.4 billion are affirmed at 'B-'. Long-term national currency rating of Kharkiv municipal bonds worth UAH 99.5 million is affirmed at 'B-'.