Fitch downgrades outlook on Ukraine Mortgage Loan Finance No. 1 Plc's ratings
1 October 2008
Fitch Ratings announced yesterday it revised the outlook on Ukraine Mortgage Loan Finance No. 1 Plc’s senior class notes to “negative” from “positive”. At the same time, the ratings of the notes were affirmed. UMLF was established by Privatbank (rated B/outlook stable), Ukraine’s largest bank, to provide securitization of mortgage loans. The revision of the outlook follows the change in Ukraine’s sovereign outlook to negative (‘BB-‘) on September 25, 2008. Alexander Viktorov: Ukrainian issuers have only ever issued USD 200 mln in mortgage-backed debt; if any issues with these instruments arise, it would not affect the country’s overall financial system.
