S&P Global Ratings downgraded the long-term and short-term counterparty credit ratings on Ukrainian PJSC CB PrivatBank from "B- / C" to "R / R" (under the supervision of regulatory agencies). This was reported by the S&P press-service.
"The downgrade reflects the risks associated with the control intervention and due to the National Bank’s announcement of insolvency of the PrivatBank and its nationalization, as well as the possible introduction of the moratorium on repayment of certain debt obligations of the Privatbank. However, we note that a final decision has not been accepted yet", reads the report.
The agency reports that further rating actions on PrivatBank will depend mainly on the recapitalization plan details, which the NBU will implement.
Earlier, the international rating agency Fitch lowered the rating of the sustainability of the PrivatBank to the level "F" from the "CCC".