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Announcement:

Moody's changes outlook on 13 Ukrainian banks to Negative from Stable

Global Credit Research - 16 Dec 2011

London, 16 December 2011 -- Moody's Investors Service has today changed the outlook to negative from stable on the B3 long-term foreign currency deposit ratings of thirteen Ukrainian banks. The outlook on three Ukrainian banks' outstanding foreign currency debt ratings of B1 has also been changed to negative from stable. These rating actions have been prompted by the recent change in outlook on Ukraine's sovereign ceilings to negative from stable. These ceilings act as a constraint for the foreign currency deposit and debt ratings assigned to banks. The long-term foreign currency and debt and deposit ratings of other rated Ukrainian banks, whose ratings were not constrained by the country ceilings, were not affected by this rating action.

RATINGS RATIONALE

Moody's rating actions were triggered by the change of outlook to negative from stable on (i) Ukraine's foreign currency bank deposit ceiling of B3 and (ii) Ukraine's foreign currency bond ceiling of B1:

Specifically, the outlook on B3 foreign currency deposit ratings of the following banks was changed to negative from stable:

OTP Bank Ukraine

Privatbank Commercial Bank

Ukreximbank

UkrSibbank

Raiffeisen Bank Aval

Subsidiary Bank Sberbank of Russia

First Ukrainian International Bank

Forum Bank

Pivdennyi Bank

Savings Bank of Ukraine

Credit Dnepr Bank

Prominvestbank

Ukrinbank

The outlook on the foreign currency debt ratings of B1 of the following banks was changed to negative from stable:

Privatbank Commercial Bank

Ukreximbank

UkrSibbank

PRINCIPAL METHODOLOGIES

The methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare the rating are the following : parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Elena Redko
Asst Vice President - Analyst
Financial Institutions Group
Moody's Investors Service Limited, Moscow Branch
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091

Yves Lemay
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
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One Canada Square
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JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's changes outlook on 13 Ukrainian banks to Negative from Stable
No Related Data.

 

© 2013 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

 


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