Moody's drops Ukrprombank to 'Caa3/Caa3.ua'

Moody’s Investors Service said yesterday that it downgraded Ukrprombank’s local and foreign currency deposit ratings from ‘Caa2’ to ‘Caa3’ and its national scale rating from ‘B3.ua’ to ‘Caa3.ua’. It also placed these ratings on review for possible downgrade. Moody’s said the move was prompted by the government’s initiative to transfer deposits and performing loans from Ukrprombank to Rodovid Bank and increases the probability of Ukrprombank’s liquidation.