Swedbank Ukraine's rating cut by Fitch to 'E'

Fitch Ratings, in a note today, said that it downgraded Swedbank Ukraine’s individual rating from ‘D/E’ to ‘E’ to reflect the bank’s increased credit risk. According to Fitch, Swedbank’s loan portfolio grew 170% over 9M08 and has a high concentration of foreign-currency loans as of end-2008 of 80% of its total loans, higher than the majority of its peers.