Moody's: Savings Bank of Ukraine LPNs B3

Moody's Investors Service said it assigned a B3 foreign-currency debt rating to the dollar-denominated senior unsecured loan participation notes to be issued by SSB No .1 plc, a UK-based special purpose vehicle (SPV), for the purpose of financing a loan to Savings Bank of Ukraine.

The outlook is negative.

Moody's said the B3 rating assigned to the LPNs is based on the credit quality of Savings Bank of Ukraine, the ultimate obligor under the notes. Savings Bank of Ukraine's creditworthiness is constrained primarily by: the bank's exposure to Ukraine's weak and volatile economic environment, including Ukrainian state-owned companies and sovereign debt; and very high single-party loan concentrations and high level of related-party lending.

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