OREANDA-NEWS. December 20, 2007. Credit-Rating, a nationally recognized credit rating agency in Ukraine has today assigned a long-term credit rating of uaA to UAH150m 3-year registered coupon bonds (B series) issued by Odessa-based IMEXBANK JSCB, the agency's press service reported. In the course of analysis Credit-Rating considered the Bank's financial statements for 2003-2006 and 9M2007 as well as other inside information furnished by the Bank.

An obligor or a debt liability with uaA credit rating is characterized with the HIGH STRONG creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is susceptible to adverse changes in commercial, financial and economic conditions.

Factors maintaining the credit rating:

Bank's close relations with the companies incorporated with Primorye group, which contributes to Bank's development and positively affect its financial strength. The fact that the Bank's branch network and card segment are sufficiently developed and the Bank's sales channels expand beyond Odessa Oblast prerequisites for the Bank's further development and improvement of its financial indicators.
The specific gravity of overdue and doubtful debts in the Bank's customer loan portfolio accounts for 0.55 per cent as of Oct. 1, 2007.

Factors constraining the credit rating:

The Bank's loan portfolio is concentrated on primary borrowers (over 250 per cent of the 1st tier capital account for 20 biggest borrowers) accompanied by insignificant reserves for credit operations, which may have negative impact on Bank's liquidity and capitalization. The Bank's requires enhancement in its business procedures and risk management, which is associated with Bank's expansion.