Fitch affirms five Ukrainian Foreign-owned Banks, withdraws Ukrsotsbank's ratings
Fitch Ratings has has affirmed five Ukrainian foreign-owned banks' Long-Term Foreign-Currency Issuer Default Ratings (IDRs) at 'B-' with Stable Outlooks. The banks are: PJSC Credit Agricole Bank (CAB); ProCredit Bank (Ukraine) (PCBU); PJSCCB PRAVEX-BANK (PXB); PJSC Alfa-Bank (AB); and Ukrsotsbank (USB). Simultaneously, Fitch has withdrawn all of USB's ratings for commercial reasons.
"The affirmation of the Long-Term IDRs reflects Fitch's unchanged view of support prospects for the banks," Fitch said on Thursday.
Fitch has also affirmed CAB, PCBU and PXB's Long-Term Local-Currency IDRs at 'B' and AB's and USB's at 'B-'.
Fitch has affirmed CAB's VR at 'b' and PXB's VR at 'b-' due to limited changes in the banks' credit profiles since the last review. We have upgraded PCBU's VR to 'b' from 'b-', primarily reflecting a somewhat more extended track record of profitable performance with stable and sound loan quality and capitalisation.
Fitch affirmed AB's VR at 'ccc' and downgraded USB's VR to 'ccc-' from 'ccc'.