Fitch affirms five Ukrainian banks

Fitch Ratings said it affirmed the ratings of some Ukrainian foreign-owned banks, including their foreign-currency long-term issuer default ratings at B with a stable outlook, reflecting the potential for support from the banks' foreign shareholders.

The banks are JSC UkrSibbank, Ukrsotsbank, Bank Forum, ProCredit Bank (Ukraine) and JSC VTB Bank (Ukraine).

The agency has also affirmed the banks' individual ratings at D/E for ProCreditBank (Ukraine) and E for UkrSibbank, Ukrsotsbank, Forum and VTB Ukraine, reflecting the banks' deep asset quality problems.

The banks' individual ratings reflect considerable deterioration in asset quality, a trend that has also been common to other banks in the sector, following the large depreciation of the UAH in the fourth quarter of 2008 and the sharp economic downturn in 2009, according to the agency.

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