Moody's upgrades three Ukrainian banks

Moody's Investors Service said it upgraded the ratings on three Ukrainian banks.

The upgrades follow the recent improvement in the creditworthiness of the government of Ukraine, the agency said.

Moody's upgraded Raiffeisen Bank Aval's long-term local-currency deposit rating to B3 from Caa1, foreign-currency deposit rating to Caa2 from Caa3 and baseline credit assessment to Caa1 from Caa2.

Moody's also upgraded Sberbank PJSC's long-term local-currency deposit rating to Caa1 from Caa2, foreign-currency deposit rating to Caa2 from Caa3 and baseline credit assessment to Caa2 from Caa3.

The agency also upgraded Prominvestbank's long-term foreign-currency deposit rating to Caa2 from Caa3 and affirmed its baseline credit assessment at Caa3.

The upgrades are driven by a combination of the better operating environment, material improvement of the banks' solvency and liquidity profiles and the sovereign rating upgrade, which lifted constraints on the bank' deposit rating, Moody's said.

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