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Rating Action:

Moody's downgrades FUIB's debt and deposit ratings to B2/A3.ua

07 Aug 2009

Ratings were placed on review for possible further downgrade

Moscow, August 07, 2009 -- Moody's Investors Service has today downgraded the global local currency deposit rating of First Ukrainian International Bank (FUIB) to B2 from B1, its foreign currency senior unsecured debt ratings to B2 from B1 and its National Scale Rating (NSR) to A3.ua from Aa3.ua. FUIB's bank financial strength rating (BFSR) remains unchanged at E+, but it now maps to a Baseline Credit Assessment (BCA) of B2, down from B1. FUIB's global foreign currency deposit rating of B3 (negative outlook) remains unchanged being constrained by the respective country ceiling. The bank's long-term local currency deposit and foreign currency debt ratings have been placed on review for possible further downgrade.

Today's rating actions have been driven by FUIB's tightening liquidity profile, which has required the bank to initiate a restructuring of its various types of debt to wholesale creditors in June 2009. They also reflect the bank's weakening financial fundamentals, especially in the area of asset quality, as a result of the deteriorating operating environment in Ukraine as well as expected shrinkage of the bank's franchise due to deleveraging of its balance sheet apart from international funding.

Moody's notes that the bank's growth over recent years was financed by funding from international creditors, including the issuance of public debt. Such funding comprised over 40% of FUIB's total non-equity funding as at 31 December 2008 and matures over the next 18 months. The bank has currently put forward a proposal to creditors to restructure these payments given the expected decline in the cash flows generated by its assets amid the current economic downturn in Ukraine. Moody's will await the finalisation of the terms and conditions of the restructuring in order to assess impact from these proposals to creditors' cash flows.

The rating agency also observes that the bank's loan book has demonstrated a degree of deterioration, with the non-performing loan ratio reaching low double digits as at 1 July 2009 -- which is also the case at most other Ukrainian banks. Moody's believes this deterioration will continue in 2009 and thus expects the bank's profitability and capital adequacy to come under further pressure. Furthermore, FUIB's ability to generate recurring earnings has been diminishing as the loan book is contracting and its quality worsens.

Moody's will monitor the progress of the debt restructuring and is expecting to conclude the rating review shortly after the restructuring terms have been finalised. Provided the restructuring terms do not result in economic losses for FUIB's creditors and have the effect of easing its currently tight liquidity profile, its debt and deposit ratings are likely to be confirmed. Conversely, a failure to restructure the bank's debt or a restructuring on terms that are unfavourable to creditors and imply economic loss to them could prompt Moody's to downgrade the bank's ratings to a level commensurate with the losses to creditors resulting from the restructuring.

Moody's previous rating action on FUIB was on 12 May 2009, when the rating agency downgraded long-term foreign currency deposit rating to B3 and placed it on negative outlook.

The principal methodologies used in rating FUIB are "Bank Financial Strength Ratings: Global Methodology" and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology", which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating FUIB can also be found in the Credit Policy & Methodologies directory.

Headquartered in Kyiv, Ukraine, FUIB reported total IFRS assets of US$2.3 billion and net income of US$15.3 million as at 31 December 2008.

Moscow
Elena Redko
Analyst
Financial Institutions Group
Moody's Eastern Europe LLC
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091

London
Reynold R. Leegerstee
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's downgrades FUIB's debt and deposit ratings to B2/A3.ua
No Related Data.
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