Moody's: VAB outlook stable

Moody's Investors Service said it changed to stable from positive the outlook on VAB Bank and affirmed its B2 long-term local- and foreign-currency deposit and debt ratings, Not Prime short-term local- and foreign-currency deposit ratings and A1.ua long-term national scale rating.

The agency said the reversal of the outlook reflects the deterioration in the bank's profitability and efficiency indicators over the last year due to substantial once-off retail developing costs, as well as lower-than-expected progress in improving the market positions in some customer segments.

The bank's outlook was originally changed to positive on May 2, 2007 following the implementation of joint default analysis/bank financial strength rating methodologies for Ukrainian banks.

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