Moody’s rates Savings Bank of Ukraine notes Ca

Moody’s Investors Service said it assigned a Ca long-term foreign-currency debt rating to the senior unsecured notes of Savings Bank of Ukraine, which mature in 2023 and 2025 and are issued in exchange for similar notes with initial repayment dates in 2016 and 2018.

The agency also said it withdrew the Ca long-term foreign-currency senior unsecured debt ratings assigned to the latter notes.

The outlook remains negative.

The rating action follows the bank’s debt exchange, Moody’s said.

The Ca rating assigned to the new senior notes is based on the bank’s baseline credit assessment of Ca, the agency said, reflecting the fact that these instruments are direct, unconditional, unsecured and unsubordinated obligations and rank pari passu with all other direct, unconditional, unsecured and unsubordinated future obligations.

The negative outlook reflects the risk of a potential pressure on Ukraine’s sovereign ratings, Moody’s said.

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