Moody's changes outlook on 13 Ukrainian banks to negative from stable
2011-12-16 15:55:21
Moody's Investors Service has changed the outlook on 13 Ukrainian banks on their foreign currency deposit ratings from "stable" to "negative."
The agency's press service said that the issue concerned OTP Bank, PrivatBank, Ukreximbank, UkrSibbank, Raiffeisen Bank Aval, a subsidiary bank of Sberbank of Russia, First Ukrainian International Bank (FUIB), Oschadbank, Prominvestbank, Ukrinbank, Bank Forum, Pivdennyi and Credit Dnepr.
Previously, Moody's changed the outlook on Ukraine's B2 local- and foreign-currency government bond ratings to negative from stable, reflecting heightened fiscal funding and external liquidity risks, as well as downside risks to economic growth and political stability. The negative outlook also applies to the country's B1 foreign-currency debt ceiling and its B3 foreign-currency deposit ceiling.
Moody's also changed the outlook to the B2 rating of the Ukrainian State Enterprise: "Financing of Infrastructural Projects," in line with the sovereign rating action. The Ukrainian State Enterprise: "Financing of Infrastructural Projects" debt is fully and unconditionally guaranteed by the government of Ukraine.
Prior to this, the last rating action by Moody's with respect to Ukraine was dated May 12, 2009, when the agency downgraded the country's government bond ratings to B2 (from B1), setting a negative outlook for them.
As reported, at the end of November 2011, Moody's confirmed its negative outlook for the Ukrainian banking system.