Fitch sees threat to Russia, other corporate governance

LONDON, March 9 (Reuters) - Ratings agency Fitch warned on Monday that the global financial crisis could undermine corporate governance improvements in Russia, Kazakhstan and Ukraine, possibly impacting on credit ratings.

The three countries are seen as some of the most exposed to the global financial crisis, with Russia and Kazakhstan both suffering from oil price slumps and all three suffering banking problems, industrial contraction, corporate debt refinancing problems and deep recession.

"Weak corporate governance may constrain the rating of a company regardless of how strong its financial profile is, and recent improvements tend to have been driven primarily by international listing and funding requirements," Fitch said in a statement.

Fitch said all three countries had made marked improvements in recent years, with Russia appearing to have the most advanced corporate governance, followed by Kazakhstan and Ukraine.

To read the full text of the statement click here: [ID:nWLA9220]

(Reporting by Peter Apps; editing by David Stamp)