Fitch downgrades PrivatBank rating

Fitch downgrades PrivatBank rating

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Ukrinform
Fitch Ratings has downgraded PJSC CB PrivatBank's (Privat) Viability Rating (VR) to 'F' from 'CCC',' according to a press release posted on the Fitch Ratings’ website. 

¨Fitch Ratings has placed PJSC CB PrivatBank's (Privat) 'CCC' Long-Term Issuer Default Ratings (IDRs) and senior debt rating on Rating Watch Evolving (RWE), and downgraded its Viability Rating (VR) to 'f' from 'ccc',” according to the press release.

The rating actions follow the Ukrainian government´s decision on nationalization of Privat.

¨The downgrade of the VR to 'f' reflects Fitch's view that the bank has failed, given the scale of its reported recapitalization needs. The RWE on the IDRs and senior debt rating reflects uncertainty about whether losses will be imposed on senior creditors as part of the recapitalization process,¨ according to the press release.

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