OREANDA-NEWS. On 18 March 2009 was announced, that Ukrgasbank < UGZB UZ U/R > approved the need in the government's support at its EGM, held on 13 March 2009. According to UGZB's management the case of the bank's recapitalization is mutually beneficial for both the government and Ukrgasbank. Still there was no announcement of the government stating its willingness to recapitalize UGZB. Additionally, UGZB decided to refuse from the services of Fitch and Moody's rating agencies.

As Millennium Capital wrote before, the recapitalization of UGZB will mean its nationalization according to the last version of the recapitalization rules, published by the government (Cabmin Resolution #148). Additionally, the rules anticipate the settlement of the temporary administration in the bank. Such a measure may deteriorate the credibility of UGZB, which is NEGATIVE for the bank.

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