FRANKFURT AM MAIN, Dec. 5 – Painting a bleak picture of the country’s prospects, Moody's Investors Service today downgraded Ukraine's government bond rating by one notch to B3 from B2.

The outlook remains negative.

Moody's said the ratings decision was prompted by a downward revision of Moody's assessment of Ukraine's institutional strength, a shortage of external liquidity, which has increased the risk of a currency and wider financial and economic crisis, and the country’s “comparatively weak economic outlook.”