KIEV, April 29 - Fitch Ratings has downgraded the State Export-Import Bank of Ukraine's (Ukreximbank) foreign currency Issuer Default Ratings to 'RD' (Restricted Default) from 'C', and affirmed the bank's foreign currency senior unsecured and subordinated debt ratings at 'C'.

The bank's other ratings are unaffected by these rating actions, Fitch said in a statement.

According to Fitch, the downgrade follows the bank's announcement on the agreement reached with the holders of its $750 million eurobond due on April 27, 2015 on the extension of the bond's maturity. In accordance with Fitch's distressed debt exchange (DDE) criteria, a DDE is deemed to have occurred if a restructuring imposes a material reduction in terms (including extension of maturity) compared with the original contractual terms of an entity's financial obligations, and the restructuring is conducted to avoid bankruptcy, insolvency or intervention proceedings, or a payment default. The downgrade of Ukreximbank's IDRs reflects Fitch's view that the bank's debt maturity extension meets these criteria.