KIEV, Jan. 29 -- Fitch Ratings has announced the recent downgrade of the Long-term Issuer Default rating of Ukraine's Rodovid Bank ('RB') to 'CC' from 'CCC', Fitch said in a statement.

The agency also announced that the outlook on the bank's Long-term IDR is negative.

According to Fitch, the rating actions were taken as part of a more general review of Ukrainian bank ratings, and took into account the heightened liquidity and asset quality risks and greater pressure on capital which Ukrainian banks have faced following the sharp depreciation of the UAH in the fourth quarter of 2008, as well as the weaker outlook for the Ukrainian economy.