Moody's lowers PrivatBank

Moody's Investors Service said it downgraded the standalone bank financial strength rating of PrivatBank AS to E from E+ with a stable outlook, mapping to Caa1 on the long-term scale.

The long-term deposit rating was downgraded to B3 from B2 and placed on review for downgrade. The Not Prime short-term rating was unaffected.

Moody's said the downgrade reflects the bank's weakened loan quality profile, earning power and capitalization levels. Moody's said it understand that further losses and impairments since end-June 2011 have further depleted capital levels with little indication of a reversal of this trend in the near future.

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