Moody's ups Ukrsotsbank

Moody's Investors Service said it upgraded to Baa2/Prime-2 the local-currency long-term debt and deposit ratings of Ukrsotsbank to D and the long-term debt rating of the bank's loan participation notes to Ba2 with a positive outlook.

The bank's B2 long-term foreign-currency deposit rating was affirmed with positive outlook as it remains constrained by Ukraine's B2 country ceiling.

Moody's noted the upgrade was prompted by the recent announcement that Unicredit Group (Aa2/P-1/B-) completed, via its Austrian subsidiary Bank Austria Creditanstalt AG (Aa2/P-1/C+), the acquisition of 94.2% of Ukrsotsbank's shares and thus became a controlling shareholder of the bank.

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