Fitch upgrades Ukreximbank’s viability rating

Fitch upgrades Ukreximbank’s viability rating

The international credit rating agency Fitch Ratings has upgraded JSC State Export-Import Bank of Ukraine's (Ukreximbank) Viability Rating (VR) and affirmed the bank's Long-Term Issuer Default Ratings (IDRs).

Ukrinform reports this with a reference to the bank’s press service.

“On October 13, 2021 Fitch Ratings released the report affirming the Long-Term Issuer Default Ratings (IDRs) of Joint Stock Company “The State Export-Import Bank of Ukraine” at 'B' with a Positive Outlook, and upgrading the Viability Rating (VR) to 'b-' from 'ccc+',” the report says.

According to the bank’s press service, the affirmation of IDRs reflects Fitch’s view of potential support for JSC Ukreximbank from the government of Ukraine, if needed, as well as the bank’s systemic importance. The Positive Outlook on the IDRs mirrors that on the sovereign.

In Fitch Ratings’ opinion, the VR upgrade to 'b-' reflects a moderately reduced pressure on bank’s capital position driven by a material improvement of ability to generate capital through profits, lower encumbrance of the bank’s equity by net impaired loans, and slightly reduced exposure to market risk.

Additionally, Fitch Ratings upgraded rating of subordinated loan participation notes due 2023 to 'CCC' from 'CCC-'. The ratings of senior unsecured debt are affirmed by the agency at the 'B' level.


Let’s get started read our news at facebook messenger > > > Click here for subscribe

While citing and using any materials on the Internet, links to the website not lower than the first paragraph are mandatory. In addition, citing the translated materials of foreign media outlets is possible only if there is a link to the website and to the website of a foreign media outlet. Citing and using materials in offline media, mobile apps, Smart TV are allowed only with written permission from Ukrinform. News and publications marked as "Advertisement" and "PR" and articles in the section "Releases" include promoted content, and an advertiser is responsible for the content.

© 2015-2021 Ukrinform. All rights reserved.

Website design Studio Laconica

Extended searchHide extended search
By period: