Moody's ups Ukreximbank view to stable

Moody's Investors Service said it changed to stable from negative the outlook on Ukreximbank's Ba3 local-currency deposit rating.

The outlook change demonstrates the stabilization of its credit profile, reflected by the gradual recovery of the Ukrainian economy, strong capital adequacy and the bank's enhanced position in the country's lending and deposit-taking markets, Moody's said.

The bank has a baseline credit assessment of Ba3, which is underpinned by the bank's leading market position as the second largest bank in Ukraine, the agency said, and by its developed corporate franchise and strong capitalization.

The rating also considers the risks associated with the bank's corporate governance concerns, significant industry concentrations in its loan book, weak asset quality and material reliance on market funding, Moody's said.

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