Moodys shifts down ratings of Metinvest, Kyiv, Ukrainian banks to sovereign levels

Moody’s Investors Service downgraded the corporate family rating of Metinvest (METINV) to “B3” from “B2” on Dec. 7, thus adjusting it to reflect Ukraine’s downgraded rating last week. The same action was applied to the Eurobonds of Kyiv City (CITKIE) on Dec. 6 and to the bonds of First Ukrainian International Bank (PUMBUZ), Privatbank (PRBANK), UkrExim Bank (EXIMUK) and Oschadbank (OSCHAD).  Now all the issuer’s ratings, and the “negative” outlooks, are in line with Ukraine’s sovereign issues, which were downgraded by Moody’s on Dec. 5. At this moment, DTEK (DTEKUA) remains the only Ukrainian Eurobond issuer which still holds a Moody’s rating higher than the sovereign level.