Fitch lowers First Ukrainian

Fitch Ratings said it downgraded First Ukrainian International Bank's long-term issuer default rating to B- from B, senior unsecured debt to B-/RR4 from B, national long-term rating to BBB+(ukr) from A(ukr) and individual rating to D/E from D. The B short-term issuer default rating, 5 support rating and No Floor support rating floor were affirmed.

The outlook is negative.

The agency said the downgrade reflects a recent deterioration in the bank's asset quality. First Ukrainian has a current moderate loan loss absorption capacity and has experienced heightened pressure on its liquidity due to deposit outflows in the first quarter, Fitch said, and liquidity is likely to be pressured further due to upcoming repayments of international borrowings.

At the same time, the agency has withdrawn the bank's ratings and will no longer provide rating or analytical coverage on this issuer.

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