OREANDA-NEWS. On 22 January 2009 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it downgraded to uaBB- (uaBB minus) the long-term credit rating assigned to Kiev-based Ukrprombank LLC (`bank`). The rating outlook is negative. Credit-Rating has also placed the rating on Rating Watch List.

The rating`s downgrade and its placement on RWL were prompted by deteriorated bank`s solvency under sustained low capitalization. Thereat the rating is weighted by aggravated information transparency and uncertainty in bank`s further development under unarranged situation with the bank`s owners. The rating is also constrained by decreased business activity in the majority of Ukraine`s economy sectors, dropped population`s incomes, which negatively affects creditworthiness of the customers, undermined people`s trust in the banking sector, and devaluation of the national currency under limited access to international resource markets.

An obligor or a debt liability with uaBB credit rating is characterized with the LOWER THAN SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is strongly affected by adverse changes in commercial, financial and economic conditions. A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).

Negative outlook indicates that there is a possibility to downgrade the rating in the course of the year, on condition that negative tendencies are retained and current risks are realized.

The Rating Watch List intends for informing the financial market participants about possible changes of ratings in short-term prospective. The rating placed on RWL denotes that Credit-Rating is currently considering its change as a result of events or ongoing trends, which may negatively affect creditworthiness of a rating`s bearer.