LONDON, Nov. 12 - Fitch Ratings has lowered the long-term foreign and local currency issuer default ratings (IDR) on Ukraine to "B-" from "B.”

The outlook on the ratings is negative.

The country ceiling rating was lowered to "B-" from "B" and the short-term foreign currency IDR was affirmed at "B".

"The recent adoption by Parliament of an unaffordable minimum wage and pension law which, according to the IMF, could add 7% of GDP to the budget deficit in 2010, has effectively forced Ukraine's IMF program off-track and has materially increased risks to fiscal financing, macroeconomic stability and creditworthiness," said David Heslam, Director in Fitch's Sovereigns Group.