Fitch Ratings has downgraded the city of Kharkiv's Long-term foreign currency Issuer Default Rating (IDR) to 'CC' from 'CCC', reads a press release of Fitch Ratings.

Fitch has also affirmed the city's Long-term local currency IDR at 'CCC' and Short-term foreign currency IDR at 'C'.

"The City of Kharkiv's ratings are constrained by the sovereign, in line with Fitch's criteria of 'International Local and Regional Governments Rating Criteria outside United States'. Under our criteria, a local or regional government can only be rated above the sovereign in exceptional circumstances," Fitch said.

The rating drivers of the Long-term local currency IDR are unaffected, leading to its affirmation, Fitch said.