Oshchadbank individual rating cut to 'E' by Fitch
6 February 2009
In a statement yesterday, Fitch Ratings said that it downgraded the individual rating of Oshchadbank, Ukraine’s state-owned savings bank from ‘D’ to ‘E.” The agency affirmed the bank’s other ratings: long-term foreign currency Issuer Default Rating at ‘B+’ with a negative outlook. According to Fitch, the move reflects the bank’s increased dependence on government support given its high loan exposure to state-owned Naftogaz that it took on at end-2008.
