KIEV, Feb. 16 -- Fitch Ratings has downgraded the long-term foreign and local currency ratings of the cities of Kiev, Odessa and Kharkiv.

The outlooks for the long-term foreign and local currency ratings are negative, Fitch said.

According to Fitch, the rating actions follow the downgrade of Ukraine's long-term foreign and local currency Issuer Default Ratings to 'B' from 'B+' due to the increased risk of a banking and currency crisis in Ukraine caused by intensified stress on the financial system. The outlooks on the sovereign ratings are negative.