Fitch downgrades Industrialbank, affirms 4 other banks

Fitch Ratings said yesterday in a release that it cut Industrialbank’s long-term Issuer Default Rating from ‘B-‘ to ‘CCC’, with a negative outlook. The agency also affirmed the long-term IDRs of Privatbank at ‘B’, Bank Khreshchatyk and Pivdenny Bank at ‘B-‘. Fitch confirmed the national long-term rating of Bank Diamant at ‘B+(ukr)’. Fitch said that it is planning to review the ratings of Ukraine’s state-owned banks in the near future and foreign-owned banks in September, focusing on their individual ratings.