OREANDA-NEWS. February 18, 2009. The acting Chairman of OJSC “RODOVID BANK” Management Board Dmytro Egorenko informed that OJSC “RODOVID BANK” did not and will not report default where as the latest public announcement of RODOVID BANK negative rating by International Rating Agency Fitch Ratings Ltd. does not correspond the current situation in the Bank.

According to Mr. Egorenko: “OJSC “RODOVID BANK” is continuing discharging its liabilities in full scale and in compliance with Ukrainian effective legislation standards and requirements”.

On February 11, 2009 the Bank decided to terminate any further cooperation with the International Rating Agency Fitch Ratings Ltd. whereas its rating score assigned on February 13, 2009 is purely agency’s response to RODOVID BANK announcement of agreement dismissal.

Several times we and our partners have called for attention towards inadequacy of Fitch Ratings evaluation techniques – inquiring for information by telephone calls does not correspond to the world practices.

Eventually the information inquired by such means does not correspond to the reality and thus can not be used for assigning ratings to financial institution”.

Mr. Egorenko points out the necessity of corresponding and adequate information required by current Ukrainian financial market: “But Fitch rating scores reflect only subjective opinion today, without taking into consideration the Ukrainian banking sector”.

“OJSC “RODOVID BANK” plans further cooperation with International Rating Agency Moody’s Investors Service within the signed agreement and provide complete information to the agency” - as assured by Dmytro Egorenko.