OREANDA-NEWS. On March 23, 2009 as was informed by the press service of the bank.
 
Ukrsotsbank has decided not to prolong the expiring contract with Standard & Poor’s Rating Agency. Ukrsotsbank as well as the parent UniCredit holding continues its collaboration with Fitch Rating Agency.

"Since Ukrsotsbank has become a member of UniCredit Group, the need for independent international capital market activities has considerably been reduced, and as ratings agencies are infrastructures of exactly international market, the Group management decided to temporarily cease collaboration of USB and Standard & Poor’s. – the Chairman of the Board of Ukrsotsbank, Borys Tymonkin reported. — Now, when the question of the bank stability strengthening in an unfavorable market environment is foremost, collaboration with three ratings agencies which is very expensive for the bank, is not expedient temporarily".

The banker marked that as soon as a situation at the international markets is stabilized, Ukrsotsbank will consider continuing its collaboration with Standard & Poor’s Rating Company.