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Fitch upgrades Ukreximbank’s viability rating

The international credit rating agency Fitch Ratings has upgraded JSC State Export-Import Bank of Ukraine's (Ukreximbank) Viability Rating (VR) and affirmed the bank's Long-Term Issuer Default Ratings (IDRs).

Ukrinform reports this with a reference to the bank’s press service.

“On October 13, 2021 Fitch Ratings released the report affirming the Long-Term Issuer Default Ratings (IDRs) of Joint Stock Company “The State Export-Import Bank of Ukraine” at 'B' with a Positive Outlook, and upgrading the Viability Rating (VR) to 'b-' from 'ccc+',” the report says.

According to the bank’s press service, the affirmation of IDRs reflects Fitch’s view of potential support for JSC Ukreximbank from the government of Ukraine, if needed, as well as the bank’s systemic importance. The Positive Outlook on the IDRs mirrors that on the sovereign.

In Fitch Ratings’ opinion, the VR upgrade to 'b-' reflects a moderately reduced pressure on bank’s capital position driven by a material improvement of ability to generate capital through profits, lower encumbrance of the bank’s equity by net impaired loans, and slightly reduced exposure to market risk.

Additionally, Fitch Ratings upgraded rating of subordinated loan participation notes due 2023 to 'CCC' from 'CCC-'. The ratings of senior unsecured debt are affirmed by the agency at the 'B' level.

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