OREANDA-NEWS. February 20, 2014. International rating agency FITCH Ratings downgraded long-term foreign currency Issuer Default Rating (IDR) of CREDIT AGRICOLE BANK from B- to CCC.

Fitch Ratings Agency has also downgraded long-term foreign currency ratings of the other 12 Ukrainian banks, including Ukreksimbank, Oschadbank, Privatbank, Prominvestbank, UkrSibbank, Industrial Bank, Procredit Bank, Pravex-Bank, Ukrsotsbank, Alfa-Bank and Pivdennyi Bank.

These rating actions followed the downgrading of long-term foreign currency Issuer Default Rating (IDR) of Ukraine to CCC from B- made by Fitch Ratings, as the rating of the bank cannot be better than the rating of the country itself. In other words, downgraded rating is in no way connected with the activity of the banks.

We would like to point out that ratings of all the banks in Ukraine that are rated by FITCH Ratings were reviewed.

FITCH Ratings agency has previously downgraded foreign currency ratings of 12 Ukrainian companies also following the downgrade of Ukraine’s rating.

As regards CREDIT AGRICOLE BANK, it still has the best of all possible ratings.

For example, viability rating/intrinsic creditworthiness and national long-term rating remained unchanged.

Ratings of PJSC “CREDIT AGRICOLE BANK”

Long-term IDR in foreign currency "CCC"

Long-term IDR in local currency "B-", Outlook Negative

Short-term IDR in foreign currency "С"

Short-term IDR in local currency "B"

Support rating "5"

Viability rating "b-"

National long-term rating "AAA(ukr)", Outlook Stable.