Moody's upgrades Bank Finance and Credit

Moody's Investors Service said it upgraded Bank Finance and Credit's long-term global scale local- and foreign-currency deposit ratings to Caa1 from Caa2, foreign-currency debt rating to Caa1 from Caa2 and national scale rating to Ba2.ua from B3.ua. The bank's non-prime short-term global scale local- and foreign-currency deposit ratings and bank financial strength rating of E were affirmed.

The outlook is stable.

This upgrade concludes a review that began in March 2009. The review was originally prompted by the bank's default on repayment of $70 million of syndicated debt.

The upgrade reflects improvements in the bank's liquidity position following the extension of maturing eurobonds and funding from the National Bank of Ukraine, along with improved capitalization and ongoing negotiations with wholesale creditors, the agency said.

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