S&P rates Kredobank bonds uaBBB

Standard & Poor's said it assigned its uaBBB rating to the Ukrainian hryvnia 25 million 13.75% fixed and floating rate senior local bonds due 2012, which are issued by JSC Kredobank (B/stable/B).

The ratings on Kredobank reflect its low capitalization and profitability, modest domestic market position and above-average credit risk, the agency said.

In addition, the bank operates in the unstable political and macroeconomic environment in Ukraine (foreign currency, BB-/stable/B, local currency, BB/stable/B), S&P noted, adding that supporting rating factors are its good franchise in Western Ukraine, focused organic domestic retail growth strategy, which is being implemented by an experienced management team, support from its strategic shareholder Powszechna Kasa Oszczednosci Bank Polski and good corporate governance.

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