Moody's lowers three Ukranian banks

Moody's Investors Service said it took rating actions on three Ukrainian banks, adding that the ratings of the following institutions were downgraded: Privatbank, Savings Bank of Ukraine and Ukreximbank.

Moody's noted that it has refined its assessment of the ability of the Ukrainian state to provide systemic support as the erosion in the local economy's underlying credit fundamentals and the resulting reduced policy flexibility has adversely affected the government's ability to support the banking sector.

Specifically, the agency said that the following actions were taken:

• Privatbank's long-term global local currency deposit rating was downgraded to Ba3 (negative) from Ba1 (stable). All other Privatbank's ratings were affirmed at their current levels;

• Savings Bank of Ukraine's long-term global local currency deposit and debt ratings were downgraded to B2 (negative) from Ba1 (stable) and the national-scale rating was downgraded to A2.ua from Aa1.ua. All other Savings Bank of Ukraine ratings were affirmed at their current levels; and

• Ukreximbank's long-term global local currency deposit rating was downgraded to Ba3 (negative) from Ba1 (stable). All other Ukreximbank's ratings were affirmed at their current levels.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.