KIEV, Sept. 19 - Fitch Ratings has downgraded the city of Kiev's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'CC' from 'CCC.'

"The downgrade of Kiev's IDRs follows the city's decision to extend the maturities of domestic bonds (series G), scheduled to mature on 19 December 2016. Kiev's administration has decided to postpone the repayment of UAH 1.915 billion senior unsecured domestic bonds for another 360 days. The city remains current on the bond's interest payments," Fitch said.

Fitch would expect to classify such an extension as a default in accordance with its distressed debt exchange criteria.