OREANDA-NEWS. International rating agency Standard & Poor's Ratings Services has upgraded PrivatBank’s long- and short-term counterparty credit ratings to ‘B-/C’.

On Monday, 7 December Standard & Poor's Ratings Services upgraded PrivatBank’s long- and short-term counterparty credit ratings to ‘B-/C’. According to S&P analysts, PrivatBank remains one of the strongest banks in Ukraine and the most steady among Ukrainian banks, despite the current difficult economic conditions.

Unfortunately, some Ukrainian mass media have started to spread the previous "technical" news from S&P of the technical downgrade of ratings, published on Friday, 4 December, was taking it out of context. According to S&P methodology, PrivatBank’s ratings had to be temporarily downgraded to ‘SD’, which is a mandatory technical procedure for the period of the bank’s negotiations with its creditors on extending Eurobonds maturity.

According to S&P release, the upgrade follows successful completion of PrivanBank’s negotiations with international investors and reflects the bank’s status of the leading commercial bank in Ukraine. As noted in the official report of S&P, PrivatBank’s activity is much more resistant to impact of the current economic and political crises in country, than activities of the comparable Ukrainian banks. On S&P analysts’ opinion, PrivatBank is one of the strongest Ukrainian banks, and its business model remains effective even in a difficult financial situation.

According to S&P, PrivatBank has an adequate risk position, reflecting its more conservative risk assumption approach, more sophisticated risk management system, greater diversification of business and more favorable of losses features than the comparable Ukrainian banks. Considering the abovementioned, S&P analysts expect the asset quality indicators of PrivatBank – are to remain among the highest in the banking system of the country.