Fitch lowers ProCredit Bank (Ukraine)

Fitch Ratings said it downgraded the viability rating of ProCredit Bank (Ukraine) to CCC from B-.

The viability rating also was removed from Rating Watch negative, where it was placed in August 2014 following the downgrade of Ukraine’s long-term local-currency issuer default rating to CCC.

Following the downgrade, the bank’s rating is in line with the sovereign’s issuer default ratings, Fitch said.

The bank’s long-term foreign-currency issuer default rating also was affirmed at CCC, underpinned by potential support from foreign shareholders, the agency said.

The agency also affirmed the bank’s long-term local-currency issuer default rating at B-, senior unsecured local-currency debt at B- with a recovery rating of RR4 and AAA(ukr) rating, short-term foreign-currency issuer default rating at C, short-term local-currency issuer default rating at B and national long-term rating at AAA(ukr).

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