Moody's cuts Prominvestbank

Moody's Investors Service said it downgraded Prominvestbank's long-term local currency debt and deposit ratings to B1 with a stable outlook from Ba3.

Moody's also downgraded the national scale rating to Aa3.ua from Aa1.ua.

At the same time, the rating agency lowered the bank's standalone credit assessment to B3 from B2.

The B3 long-term foreign currency deposit rating was affirmed and remains constrained by the country ceiling on foreign currency deposit ratings.

Moody's said the actions were primarily driven by the bank's high loan-loss provisioning charges, which negatively impact profitability and capital adequacy and risks posed by increasing levels of single-name credit risk concentrations.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.