LONDON, July 21 - Fitch Ratings has revised the Outlooks on Ukraine's Long-term foreign and local currency Issuer Default Ratings (IDRs) to Positive from Stable and affirmed the Long-term IDRs at 'B' and Short-term IDR at 'B'.

Fitch also affirmed Ukraine's Country Ceiling at 'B', Fitch said in a statement.

"The revision of the Outlook to Positive reflects that Ukraine's budget deficit is on course to significantly narrow in 2011, helped by the economic recovery and spending restraint," the statement quotes Charles Seville, Director in Fitch's sovereign team, as saying.