Moody's downgrades 19 Ukrainian banks after sovereign rating cut

Moody’s Investors Service lowered the global foreign currency deposit ratings on 19 Ukrainian banks yesterday and the foreign currency debt ratings of five banks; the outlook for all the ratings is negative. The changes follow the downgrade in Ukraine’s sovereign rating by the agency from ‘B1’ to ‘B2’. The banks whose long-term global foreign currency ratings were downgraded from ‘B2’ to ‘B3’ are Calyon Bank Ukraine, Dongorbank, First Ukrainian International Bank, Bank Forum, ING Bank Ukraine, Khreschatyk Bank, OTP Bank Ukraine, Pivdenny Bank, Pravex-Bank, Privatbank, Raiffeisen Bank Aval, Oshchadbank, Sberbank Russia’s Ukrainian subsidiary, Swedbank-Invest, Swedbank, Ukreximbank, Ukrsibbank, Ukrsotsbank and VAB Bank. Moody’s lowered the long-term foreign currency debt ratings of the following banks from ‘Ba3’ to ‘B1’: Bank Forum, Privatbank, Ukreximbank, Ukrsibbank and Ukrsotsbank.