Fitch Ratings has affirmed the Long-Term Foreign Currency Issuer Default Ratings (IDRs) of five Ukrainian foreign-owned banks, namely PJSC Alfa-Bank (ABU), Ukrsotsbank (Ukrsots), ProCredit Bank (Ukraine) (PCBU), PJSCCB Pravex-Bank (Pravex) and PJSC Credit Agricole Bank (CAB) at `CCC`, according to Fitch statement.
All five banks` IDRs and National Ratings factor in the likelihood of support they may receive from their foreign shareholders, Fitch said.
At the same time Fitch has removed Ukrsots and Pravex from Rating Watch Negative.
”The affirmation of the banks` `CCC` Long-Term Foreign Currency IDRs reflects the constraint of Ukraine`s Country Ceiling (CCC), which captures transfer and convertibility risks and limits the extent to which support from the majority foreign shareholders of these banks can be factored into the ratings. The limited capital and currency controls introduced in 1H14 largely remain in place, albeit having been gradually eased in 1H16,” the statement reads.
As UNIAN reported earlier, Fitch Ratings also affirmed Ukraine`s Long-Term Foreign and Local Currency Issuer Default Ratings at `CCC`.
The issue ratings on Ukraine`s senior unsecured foreign and local currency bonds have also been affirmed at `CCC`.
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