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Fitch downgrades ratings of 10 Ukrainian banks

Fitch downgrades ratings of 10 Ukrainian banks

21 October 2008

Fitch Ratings announced yesterday it downgraded the long-term issuer default ratings (IDRs) of 10 Ukrainian banks (see below) and their support ratings: Bank Forum (FORM: BUY), Nadra Bank (NADR: N/R), Oschadbank, Pravex Bank, ProCredit Bank, Swedbank, Ukreximbank, UkrSibbank, Ukrsotsbank, VTB Bank. It also revised downward the support rating floors of four of the banks. The outlooks on the long-term IDRs remain negative. This follows Fitch’s Friday downgrade of Ukraine’s long-term foreign and local currency IDRs to B+ from BB- with negative outlook.

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