Moody's affirms VAB Bank

Moody's Investors Service said it affirmed the following ratings of VAB Bank: E standalone bank financial strength rating; Caa1 long-term local and foreign currency deposit ratings; Not Prime short-term local and foreign currency deposit ratings; Caa1 long-term foreign currency debt rating; and Ba1.ua national scale rating.

The outlook on the long-term ratings and the bank financial strength rating remains positive while national scale rating carries no specific outlook.

Moody's said the affirmations were driven by: (a) the change in ownership structure and, thus, the reset of strategic objectives that took place in the fourth quarter of 2011 thereby facilitating recovery of the bank's profitability; (b) demonstration of capital support from the bank's current shareholders that should enable VAB Bank to successfully implement the newly adopted strategy; and (c) some progress in cost-saving and business generation initiatives demonstrated to date.

© 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.