Moody's ups Prominvestbank, rates bonds Aa1.ua

Moody's Investors Service said it upgraded the local-currency deposit rating of Prominvestbank to Ba3 from B2. Its baseline credit assessment is now B2, up from B3, Moody's said. The agency also said it upgraded the bank's long-term national scale rating to Aa1.ua from A2.ua.

The outlook is stable.

The agency also said it assigned its provisional Ba3 global scale local-currency long-term senior unsecured debt rating to the bank, as well as an Aa1.ua long-term national scale rating to the local-currency-denominated bonds amounting to UAH 1.5 million that the banks intend to issue.

The bonds will represent a senior unsecured claim on the bank and will be issued with a final maturity of two to three years, the agency said.

The outlook for the global rating is stable, while the national scale rating carries no specific outlook.

The upgrade of its baseline credit assessment reflects the recovery of the bank's lending and deposit-taking franchise, Moody's said, as well as its stable liquidity profile and strong capital adequacy levels.

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