Fitch Ratings has upgraded the Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of seven Ukrainian banks from 'B-' to 'B'. The Outlooks are Positive, as the message on the Fitch rating website says.
The affected banks are: JSC State Savings Bank of Ukraine (Oschadbank) (Oschad), JSC The State Export-Import Bank of Ukraine (Ukreximbank) (Ukrexim), JSC CB Privatbank (Privat), Public Joint-Stock Company Joint Stock Bank Ukrgasbank (UGB), PJSC Credit Agricole Bank (CAB), Procredit Bank (Ukraine) (PCBU), Pravex-Bank JSC (PXB).
Fitch has also affirmed the Long-Term Foreign-Currency IDR of Ukraine's JSC Alfa-Bank (ABU) at 'B-'with Stable Outlook.
"Fitch has also placed the Viability Ratings (VRs) of all the above eight banks on Rating Watch Positive (RWP). The RWP reflects Fitch's expectations that the improving macroeconomic stability in Ukraine, the country's reasonable economic prospects and further stabilization in the sovereign's credit profile should have positive implications for the banks' standalone credit profiles (SCPs). Our view of the operating environment in Ukraine also factors in recovering performance of the banking sector, improved solvency levels and lower refinancing risks. We plan to resolve RWP in a portfolio review of Fitch-rated Ukrainian banks during the next six months," the message says.
As it was reported earlier, Fitch rating agency raised Ukraine's rating to "B +" with a positive outlook. The Fitch Ratings also noted that Ukraine has demonstrated modern access to fiscal and external financing, improving macroeconomic stability and reducing public debt.