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Fitch cuts, then lifts, Oschadbank
Fitch Ratings said it downgraded JSC State Savings Bank of Ukraine's (Oschadbank) long-term foreign currency issuer default rating to RD (restricted default) from C and then upgraded it to CCC.
The agency also assigned a CCC rating with an RR4 recovery rating to the newly issued senior unsecured debt of SSB No.1 plc.
The actions follow the completion of the bank's external debt restructuring.
Fitch said the downgrade follows the completion of the restructuring of Oschadbank’s $700 million and $500 million eurobonds due in March 2016 and March 2018, respectively. The restructuring terms included the extension of these bonds' maturity and increase in coupon rates. The downgrade reflects Fitch's view that the bank's debt restructuring terms meet the distressed debt exchange criteria.
The affirmation of the viability rating at ccc, the upgrade of the foreign currency long-term issuer default rating to CCC and the assignment of CCC ratings to the new senior unsecured debt issues reflect Fitch's assessment of the bank's standalone credit profile following its debt restructuring.
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