Moody's cuts Privatbank, Oshchadbank & Ukreximbank's ratings

Moody’s Investors Service, in a statement yesterday, announced that it concluded the review for downgrade and cut the ratings of Privatbank, Oshchadbank and Ukreximbank. Privatbank’s long-term global local currency deposit rating was lowered from ‘Ba1’ (stable outlook) to ‘Ba3’ (negative). Oshchadbank’s long-term global currency deposit and debt ratings were downgraded from ‘Ba1’ (stable) to ‘B2’ (negative) and national scale rating was cut from ‘Aa1.ua’ to ‘A2.ua.’ Ukreximbank’s long-term global local currency deposit rating was dropped from ‘Ba1’ (stable outlook) to ‘Ba3’ (negative). The other ratings for each of the banks were maintained at current levels. The actions complete a review initiated on May 20 over Ukraine’s ability to support the banking system.