Fitch cuts some Ukrainian banks

Fitch Ratings said it has downgraded 13 long-term foreign currency issuer default ratings to CCC from B- on several Ukrainian banks.

The banks are JSC The State Export-Import Bank of Ukraine (Ukreximbank), JSC State Savings Bank of Ukraine (Oschadbank), PJSC CB PrivatBank, Joint Stock Commercial Industrial & Investment Bank (Prominvestbank), Public Joint Stock Co. UkrSibbank, Ukrsotsbank, PJSC VTB Bank, ProCredit Bank (Ukraine), PJSCCB Pravex-Bank, PJSC Credit Agricole Bank, PJSC Alfa-Bank, Pivdennyi Bank and Industrialbank.

The rating actions follow Fitch's downgrade of Ukraine's long-term foreign currency issuer default rating to CCC from B- and the affirmation of the sovereign's long-term local currency issuer default rating at B- with a negative outlook.

The country ceiling was also downgraded to CCC from B-, the agency said.

According to Fitch, the downgrades of the foreign-currency long-term issuer default ratings and, where assigned, foreign currency senior debt ratings of Privat and the eight foreign-owned banks reflect the downgrade of Ukraine's country ceiling.

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