LONDON, Nov. 7 - Fitch Ratings says the IMF Executive Board's approval of a two-year stand-by arrangement (SBA) for Ukraine of $16.4 billion, with immediate disbursement of $4.5 billion, provides both vital financial support and an anchor of a well designed economic policy program for the country.

However, downside risks to creditworthiness persist, the ratings agency said in a statement. Ukraine is rated Long-term foreign and local currency Issuer Default 'B+ with Negative Outlook.