Fitch lowers individual ratings of a swath of Ukrainian banks

In a statement yesterday, Fitch Ratings said that it downgraded the individual ratings on five Ukrainian banks with foreign owners: Ukrsibbank, Ukrsotsbank and ProCredit Bank Ukraine from ‘D’ to ‘D/E’ and Pravex Bank and VTB Bank Ukraine from ‘D/E’ to ‘E.’ Fitch’s rationale for the rating cuts was concerns over the probability that the banks might be unable to meet their obligations to creditors and that support will be required in order to avert a default.