Fitch cuts four Ukranian banks

Fitch Ratings said it has downgraded the long-term issuer default ratings of four Ukrainian banks: Kreditprombank, Ukrgasbank and Vseukrainsky Aksionerny Bank to CCC from B- and Rodovid Bank to CC from CCC.

The agency said it has also downgraded the national long-term rating of Bank Diamant and the individual rating of Swedbank (Ukraine).

At the same time, Fitch said that the ratings of seven other Ukrainian banks - Privatbank, First Ukrainian International Bank, Bank Credit Dnepr, Bank Khreschatyk, Industrialbank, Pivdennyi Bank and Bank Forum - are affirmed.

The outlooks on the long-term issuer default ratings of all of the above mentioned banks are negative.

In Fitch's view, the downgraded banks are most exposed to these risks in light of the growth-focused strategies pursued in recent years and the deterioration already evident in asset quality, capital and/or liquidity metrics at those institutions.

Affected ratings include First Ukrainian International Bank's long-term issuer default rating: affirmed at B; outlook negative; senior unsecured debt: long-term rating affirmed at B, recovery rating affirmed at RR4; short-term issuer default rating: affirmed at B; individual rating: affirmed at D; support rating: affirmed at 5; support rating floor: affirmed at No Floor; and national long-term rating: affirmed at A(ukr); outlook negative.

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