Fitch ups outlook of Ukrainian banks to positive

Fitch Ratings said it changed to positive from stable the outlooks on the BB- foreign- and BB local-currency issuer default ratings of Bank Mriya, ProCredit Bank Ukraine and JSBI Ukrsibbank, the BB- foreign-currency issuer default rating of The State Export-Import Bank of Ukraine and the B foreign-currency issuer default rating of CJSC Privatbank. All five banks are based in Ukraine.

The change in outlook follows the revision of the outlook on Ukraine's BB- foreign- and local-currency issuer default ratings to positive from stable.

The agency said the change in outlooks for Bank Mriya, ProCredit Bank Ukraine and Ukrsibbank reflects the potential change to Ukraine's country ceiling, which is currently BB- and limits the extent to which support from the shareholders of these banks can be factored into their foreign-currency issuer default ratings. The local-currency issuer default ratings also take into account Ukrainian country risks.

The change in outlooks for The State Export-Import Bank and Privatbank reflects the increased likelihood of an improvement in the government's ability to provide support in case of need, Fitch said.

© 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.