OREANDA-NEWS. July 23, 2013. FITCH Ratings   has affirmed the Long-term foreign currency Issuer Default Ratings (IDRs) of CREDIT AGRICOLE BANK  at “B” and revised its Outlook from Stable to Negative. The same action has been taken by FITCH Ratings vis-a-vis other 5 Ukrainian banks: UkrSibbank, Ukrsotsbank, VTB Bank (Ukraine), ProCredit Bank (Ukraine), Pravex-Bank.

This rating action follows the Agency's revision of the Outlooks on Ukraine's Long-term foreign and local currency IDRs from Stable to Negative on 28 June 2013.

Vadim Ganah, Member of the Board, Director for Financial Markets:

"Rating action from FITCH Ratings is a technical step following the revision of Outlook on Ukraine (Country ceiling).

Please mind that ratings have been revised only for those banks that have specific agreements with FITCH Ratings.

It means that ratings have been revised not only for the banks mentioned in the media, but for all  subsidiaries of international banking groups that are being rated by FITCH in Ukraine.
Any bank in the country may not have higher rating than the rating of the country it operates in.
Even after the last rating action, ratings of our bank – CREDIT AGRICOLE BANK - are still the highest possible.

Besides, Viability rating (VRS) for CAB remains unchanged while has been lowered for other few"

Ratings of PJSC CREDIT AGRICOLE BANK

Long -term foreign currency IDR:  'B', Outlook 'Negative'

Long -term local currency IDR:  'B+', Outlook 'Negative'

Short-term foreign and local currency IDRs:  'B'

Support Rating:  '4'

National Long-term Rating:  'AAA(ukr)', Outlook Stable

Viability Rating 'b'