S&P cuts three Ukrainian banks to negative

Standard & Poor's said that it had revised its outlooks on the long-term counterparty credit ratings on three Ukrainian banks to negative from stable.

In addition, the long-term ratings on the banks were affirmed, and the Ukrainian national-scale ratings on two of the affected banks were lowered, the agency said, adding that it also affirmed the ratings on two other Ukrainian banks, on which the outlooks remain stable.

"The outlook revisions reflect its growing concerns about the adverse impact of high inflation and currency devaluation," said S&P credit analyst Annette Ess.

"We are also concerned about the affect of the ongoing international market turbulence on the financial and commercial profiles of Ukrainian banks, and the consequent increasing pressure on their asset quality, liquidity and funding."

Affected ratings include: Nadra Bank with counterparty credit rating at B-/negative; Alfa-Bank Ukraine with counterparty credit rating at B+/negative/B and Ukraine national-scale to uaA- to uaA; JSC Kredobank with counterparty credit rating at B+/negative/B and Ukraine national-scale to uaA- from uaA; Ukrsotsbank OJSC affirmed at counterparty credit rating at B+/stable/B; and UNEX BANK affirmed at counterparty credit rating at CCC+/stable/C and Ukraine national-scale at uaB+.

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