Moody’s lowers FUIB to ‘B2’

Moody’s Investors Service announced on Friday that it cut the global local currency deposit rating on First Ukrainian International Bank (FIUKR) from ‘B1’ to ‘B2’, its foreign currency senior unsecured debt rating from ‘B1’ to ‘B2’ and its national scale rating from ‘Aa3.ua’ to ‘A3.ua.’ Moody’s left FUIB’s bank financial strength rating unchanged at E+. Moody’s said the moves reflect FUIB’s tightening liquidity profile that necessitated the initiation of restructuring of its various types of debt in June 2009 and the bank’s weakening financial fundamentals.  Andrii Parkhomenko: The price for the bank’s Eurobonds has already fallen 1% in response to the news. We think that currently the bond is fairly valued and will remain at its current level in the short-term.