Fitch downgrades four Ukrainian banks

Fitch Ratings said yesterday that it cut the long-term Issuer Default Ratings of four Ukrainian banks: Kreditprombank, Ukrgazbank and Vseukrainsky Aksionerny Bank to ‘CCC’ from ‘B-‘ and Rodovid Bank to ‘CC’ from ‘CCC.’ It also reaffirmed the ratings on seven other banks; the outlook on all the long-term IDRs is negative. The downgrades reflect heightened liquidity and asset quality risks and greater pressure on capital due to hryvnya depreciation and a weaker economic outlook.