Moody’s downgrades Privatbank debt to C

Moody's Investors Service said it downgraded Privatbank’s long-term foreign-currency senior unsecured debt rating to C from Ca.

The bank's baseline credit assessment, adjusted BCA, long and short-term local and foreign currency deposit ratings, and long and short-term counterparty risk assessments were unaffected by this action.

The C senior unsecured debt rating does not carry outlooks. The agency will then withdraw the C foreign currency senior unsecured debt rating of Privatbank.

Moody’s said the downgrade primarily reflects its expectation that Privatbank's eurobond holders will incur significant losses consistent with a C rating category as the bank's Eurobonds were bailed-in and converted into equity as part of the bank's recapitalization process.

© 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.