Fitch ups First Ukrainian

Fitch Ratings said it upgraded First Ukrainian International Bank's long-term issuer default rating to B from B- and national long-term rating to A-(ukr) from BBB(ukr). Its short-term issuer default rating is affirmed at B, individual rating at D, support rating at 5 and support rating floor at no floor.

The outlook is stable.

The upgrade reflects the bank's continued track record of sound capitalization, which is one of the highest among Ukrainian banks, continued satisfactory asset quality and reasonable profitability, Fitch said.

The ratings also consider the risks associated with the bank's rapid asset expansion and currently short track record in retail lending and the still significant, albeit improved, balance-sheet concentrations, the agency added.

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