Fitch ups Ukreximbank LPNs to CCC

Fitch Ratings said it upgraded State Export-Import Bank of Ukraine's (Ukreximbank) subordinated loan participation notes issued by Biz Finance plc to CCC from CC and removed them from rating watch positive.

The bank's other ratings are unaffected.

Fitch said the upgrade follows the March 28 publication its Bank Rating Criteria which, among other things, expanded the rating scale with the introduction of “+” and “-” modifiers for the CCC ratings category and updated the guidelines for notching subordinated and hybrid instruments from their anchor ratings.

“The two-notch difference between the CCC subordinated debt rating and b- viability rating factors in moderate incremental non-performance risks and likely below average recoveries of this instrument due to its subordination to senior unsecured obligations,” the agency said in a news release.

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