Fitch lowers 9 Ukraine banks

Fitch Ratings said it downgraded some ratings of JSC The State Export-Import Bank of Ukraine (Ukreximbank), JSC State Savings Bank of Ukraine (Oschadbank), PJSC CB PrivatBank (Privat), PJSC UkrSibbank, Ukrsotsbank, PJSC VTB Bank, ProCredit Bank (Ukraine), PJSCCB Pravex-Bank and PJSC Credit Agricole Bank.

The agency downgraded Ukreximbank's long-term issuer default rating to B- from B, senior unsecured debt of Biz Finance plc to B-from B with a recovery rating RR4, subordinated debt to CC from CCC with a recovery rating RR5 and viability rating to B- from B. Fitch also affirmed its short-term issuer default rating at B and national long-term rating at AA-(ukr).

The agency downgraded Oschadbank's long-term foreign- and local-currency issuer default ratings to B- from B and senior unsecured debt of SSB No.1 plc to B- from B with a recovery rating of RR4. Fitch also affirmed its short-term foreign-currency issuer default rating at B, viability rating at B- and national long-term rating at AA-(ukr).

The agency downgraded CB PrivatBank's long-term issuer default rating to B- from B, senior unsecured debt of UK SPV Credit Finance plc to B- from B with a recovery rating of RR4 and viability rating to B- from B. Fitch also affirmed its short-term issuer default rating at B and national long-term rating at A-(ukr).

The agency downgraded UkrSibbank's long-term foreign-currency issuer default rating to B- from B, long-term local-currency issuer default rating to B from B+, senior unsecured local-currency debt to B with a recovery rating of RR4 from B+. Fitch also affirmed its short-term foreign-currency issuer default rating at B and national long-term rating at AAA(ukr).

Fitch downgraded Ukrsotsbank's long-term foreign-currency issuer default rating to B- from B, long-term local-currency issuer default rating to B from B+, senior unsecured local-currency debt to B with a recovery rating of RR4 from B+ and upcoming senior unsecured local-currency debt to an expected B rating with recovery rating of RR4 from an expected B+ rating. The agency also affirmed its short-term foreign-currency issuer default rating at B and national long-term rating at AAA(ukr).

Fitch downgraded VTB Bank's long-term foreign-currency issuer default rating to B- from B, long-term local-currency issuer default rating to B from B+ and senior unsecured local currency debt to B with a recovery rating of RR4 from B+. The agency also affirmed its short-term foreign-currency issuer default rating at B and national long-term rating at AAA(ukr).

ProCredit Bank (Ukraine)'s long-term foreign-currency issuer default rating was downgraded to B- from B, long-term local-currency issuer default rating to B from B+ and senior unsecured local-currency debt to B with a recovery rating of RR4 from B+. The agency also affirmed its short-term foreign- and local-currency issuer default ratings at B and national long-term rating at AAA(ukr).

The agency downgraded Pravex's long-term foreign-currency issuer default rating to B- from B and long-term local-currency issuer default rating to B from B+. Its short-term foreign-currency issuer default rating was affirmed at B, along with its national long-term rating: at AAA(ukr).

Credit Agricole Bank's long-term foreign-currency issuer default rating was downgraded to B- from B, long-term local-currency issuer default rating to B from B+ and viability rating to B- from B. Fitch affirmed its short-term foreign- and local-currency issuer default ratings at B and national long-term rating at AAA(ukr).

The agency said it revised the outlook on PJSC Alfa-Bank to negative from stable. Fitch also affirmed its long-term foreign- and local-currency issuer default ratings were affirmed at B- , senior unsecured local-currency debt at B- with a recovery rating of RR4 and BBB-(ukr), upcoming senior unsecured local-currency debt at B- with a recovery rating of RR4 and BBB-(ukr), senior unsecured debt of Alfa Ukrfinance LLC at B- with recovery rating RR4, short-term issuer default rating at B and national long-term rating at BBB-(ukr).

Fitch also revised Pivdennyi Bank's outlook to negative from stable. The agency affirmed its long-term issuer default rating at B-, short-term issuer default rating at B and viability rating at B-.

The downgrades follow the downgrade of Ukraine's long-term foreign- and local- currency issuer default ratings to B- from B with a negative outlook. The country ceiling was also downgraded to B- from B, Fitch said.

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