R&I downgrades Ukraine from BB- to B+.

By bne IntelliNews December 31, 2009
Rating and Investment Information, Inc. (R&I), an international credit-rating agency based in Japan, has lowered Ukraine's foreign currency issuer rating from BB- to B+. The outlook on the rating is negative. "As prospects for passing a FY2010 budget fade in the wake of a turbulent political situation, Ukraine 's government will be forced to struggle with a harsh fiscal operation. With the political uncertainty expected to continue for the immediate future, R&I judges there is concern that the cash-strapped government fiscal situation will worsen in 2010," R&I said in the statement. According to R&I, political stability is unlikely to be restored in the immediate future because the final result of the 2010 presidential election is not expected to be known before February. According to R&I, delay in disbursement of money from the International Monetary Fund is a sensitive issue to Ukraine because the country has difficulty raising financial resources on the domestic and external markets. According to the rating agency, the Ukrainian authorities need to government needs to implement the policies agreed upon with the IMF, including containment of expenditures and an increase in the retail gas price, in order to restore cooperation with the IMF.

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