OREANDA-NEWS. On 23 March 2009 Credit-Rating, a nationally recognized credit rating agency in Ukraine announced that it downgraded to uaBB from uaBBB- (uaBBB minus) the long-term credit rating assigned to Kiev-based Evropeyskyi JSCB (`bank`) and its registered coupon bonds (series A) in the amount of UAH20m due Sep. 11, 2009. The outlook on the rating is negative.

Credit-Rating has earlier changed the rating outlook to negative from stable, which was prompted by bank`s deteriorated solvency. Further aggravation of bank`s solvency entailed the rating`s downgrade to the speculative grade.

An obligor or a debt liability with uaBB credit rating is characterized with the LOWER THAN SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is strongly affected by adverse changes in commercial, financial and economic conditions.

Negative outlook indicates that there is a possibility to downgrade the rating in the course of the year, on condition that negative tendencies are retained and current risks are realized.