KYIV, July 25 – Fitch Ratings has downgraded Ukraine's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to 'C' from 'CC' due to the start of the eurobond restructuring process.

"The downgrade of Ukraine's LTFC IDR reflects Fitch's view that the agreement in principle reached on 22 July between the government and some Eurobond holders on restructuring terms, after parliament approved legislation last week allowing the government to suspend commercial external debt payments for three months, marks the start of a default-like process," Fitch said on its website.