Moody's ups Pivdennyi Bank view to stable

Moody's Investors Service said it changed the outlook on Pivdennyi Bank's B2 long-term local-currency debt and deposit ratings to stable from negative.

The bank financial strength rating of E+, B3 long-term foreign-currency deposit rating, not-prime short-term local- and foreign-currency deposit ratings already had a stable outlook.

The bank has preserved its pre-provision income over the last several quarters at a level that currently enables it to withstand asset quality problems without a significant negative impact on capitalization, Moody's said.

Deterioration of asset quality also was less severe than previously anticipated, the agency said.

Key rating constraints include the bank's high single-name concentration of the loan book, a narrow system-wide franchise and still challenging credit conditions in Ukraine, Moody's said.

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