KIEV, Dec. 31 – Japan’s Rating and Investment Information, Inc. (R&I) has downgraded Ukraine’s Foreign Currency Issuer Rating from ‘BB-‘ to ‘B+’, the Ukrainian Finance Ministry reported on Wednesday.

“Due to a tricky political situation, the prospects for the adoption of the 2010 budget are vague, and the Ukrainian government will have to combat difficult financial conditions. Under political uncertainty, which will continue in the near term, the R&I agency believes that the already difficult financial situation with the government will worsen in 2010,” the Finance Ministry said, citing the Japanese agency.