KIEV, Feb. 16 - Fitch Ratings has downgraded Ukraine's Long-term foreign currency Issuer Default Rating to 'CC' from 'CCC', Fitch said in a report.

Fitch also affirmed its local currency IDR at 'CCC'.

The issue ratings on Ukraine's senior unsecured foreign currency bonds have been downgraded to 'CC' from 'CCC', while the senior unsecured local currency bonds have been affirmed at 'CCC'. The Country Ceiling has been affirmed at 'CCC' and the Short-term foreign currency IDR at 'C'.

Fitch said that the new IMF program announced on February 12 will help to close Ukraine's financing gap, but an associated restructuring of privately-held external debt appears increasingly probable.