KIEV, July 6 -- Fitch Ratings has upgraded the Long-term Issuer Default ratings (IDRs) of eight Ukrainian banks to 'B' from 'B-'.

Fitch said the outlooks on the Long-term IDRs are stable. This follows the July 6 upgrade of Ukraine's Long-term foreign and local currency IDRs to 'B' from 'B-' with a Stable Outlook .

According to Fitch, the upgrades of UkrSibbank, Ukrsotsbank, Forum, ProCredit Ukraine, Pravex and VTB Ukraine follow the upgrade of Ukraine's Country Ceiling to 'B' from 'B-'. The Country Ceiling of Ukraine, which reflects transfer and convertibility risks, constrains the banks' Long-term foreign currency IDRs as it limits the extent to which support from the majority foreign shareholders of these banks can be factored into the ratings. Their 'B+' Long-term local currency IDRs also take into account Ukrainian country risks.