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. Last Updated: 07/27/2016

Ukraine’s Credit Rating Cut

Fitch Ratings on Thursday cut Ukraine’s long-term foreign and local currency ratings to B- from B, with a negative outlook.

The ratings agency said the decision was motivated by “the recent adoption by parliament of an unaffordable minimum wage and pension law.” The IMF has warned that the legislation could increase its budget deficit in 2010 by 7 percent of gross domestic product.

(MT)