Moody's drops 12 Ukrainian banks

Moody's Investors Service said it has downgraded the global local currency deposit ratings and the national-scale ratings of 12 Ukrainian banks.

Moody's said it has also changed the outlook to stable from positive on the B2 long-term global foreign currency deposit ratings of 21 Ukrainian banks.

The local currency debt instruments issued by four Ukrainian banks and the foreign currency debt instruments issued by six Ukrainian have also been downgraded, the agency said.

"Today's rating action has been triggered by (i) the downgrade of Ukraine's local currency bank deposit ceiling to Ba1/Not Prime from Baa1/Prime-2, and by (ii) the change of the outlook on Ukraine's B2 foreign currency bank deposit ceiling to stable from positive," said Yaroslav Sovgyra, vice president-senior credit officer in Moody's Moscow-based Financial Institutions Group.

Moody's said its decision to lower the country's local currency deposit ceiling to Ba1 from Baa1, announced earlier, followed the imposition of a six-month suspension by the National Bank of Ukraine on early withdrawal of household term deposits in the commercial banking system.

Affected banks include:

• Bank Nadra: GLC deposit rating to B1 from Ba3, NSR to Aa2.ua from Aa1.ua; Calyon Bank Ukraine: GLC deposit rating to Ba1/NP from Baa/P-2, NSR to Aa1.ua from Aaa.ua;

• Index-Bank: GLC deposit rating to Ba1/NP from Baa3/P-3, NSR to Aa1.ua from Aaa.ua;; ING Bank Ukraine: GLC deposit rating to Ba1/NP from Baa1/P-2, NSR to Aa1.ua from Aaa.ua;

• OTP Bank Ukraine: GLC deposit rating to Ba1/NP from Baa2/P-2, NSR to Aa1.ua from Aaa.ua; Pivdenny Bank: GLC deposit rating to B2 from B1, NSR to A1.ua from Aa3.ua;

• Privatbank: GLC deposit rating to Ba1/NP from Baa3/P-3, NSR to Aa1.ua from Aaa.ua; Raiffeisenbank Aval: GLC deposit rating to Ba1/NP from Baa1/P-2, NSR to Aa1.ua from Aaa.ua;

• Savings Bank of Ukraine: GLC deposit rating to Ba1/NP from Baa2/P-2, NSR to Aa1.ua from Aaa.ua; Ukreximbank: GLC deposit rating to Ba1/NP from Baa2/P-2;

• Ukrsibbank: GLC deposit rating to Ba1/NP from Baa2/P-2, NSR to Aa1.ua from Aaa.ua; and Ukrsotsbank: GLC deposit rating to Ba1/NP from Baa2/P-2, NSR to Aa1.ua from Aaa.ua.

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