Fitch cuts individual ratings of Ukrsibbank, Ukrsotsbank & Forum

Fitch Ratings said yesterday in a statement that it downgraded the individual ratings of Ukrsibbank, Ukrsotsbank and Bank Forum from ‘D/E’ to ‘E’ to reflect ongoing deterioration in asset quality. Fitch affirmed the individual ratings of ProCredit Ukraine at ‘D/E’ and Pravex Bank and VTB Bank Ukraine at ‘E.’ The agency maintained the foreign currency long-term Issuer Default Ratings of all six banks at ‘B’ with a negative outlook.