OREANDA-NEWS. National Rating Agency has lowered its sovereign rating on Ukraine to 'iCC' from 'iB-'. The rating outlook remains negative.

Currently Ukraine is suffering a systemic economic crisis, accompanied by the real economy contraction, rising inflation, local currency devaluation, widening fiscal deficit and growing government debt. The economic and financial crises are aggravated by the  military and political conflict in some areas of Donetsk and Luhansk regions. These areas with a large resource potential are currently out of the Ukrainian government's control.

In 4Q 2014, the country's GDP contracted 15.2 percent year-on-year, according to Ukraine's State Statistical Service. By the Statistical Service's estimate, GDP in constant prices was smaller in 1Q- 3Q 2014 than in the respective quarters of 2013.