OREANDA-NEWS  On 24 September Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it assigned a long-term credit rating of uaAA+ (uaAA plus) to Kiev-based Erste Bank OJSC (bank) and to its upcoming issue of registered coupon bonds (series A, B ,C) for the total amount of UAH300m, with the 3-year original maturity. In the course of analysis Credit-Rating considered bank's financial statements for 2006-2007 and 1H2008 as well as its other inside information.

An obligor or a debt liability with uaAA credit rating is characterized with the VERY STRONG creditworthiness as compared to other Ukrainian obligors or debt liabilities. A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).

Factors maintaining the credit rating

The bank may get necessary backing from its major shareholder, which is incorporated with Erste Group, which, in its turn, is one of the leading financial groups in CEE region.

Bank's high capitalization and access to cheap resources, which empowers it to maintain its competitive positions.

High quality of bank's assets.

The banks assets and liabilities are well-balanced by due terms.

The bank has been expanding its sales channels and card segment, which contributes to further banks development and to enhancements in its performance.

Factors constraining the credit rating

Low banks performance indicators and high administrative expenses incurred under implementation of banks development policy.