OREANDA-NEWS. March 24, 2009. VAB Bank, Kyiv, decided to terminate the credit assessment agreement between Fitch Ratings Ltd and VAB Bank. Fitch Ratings affirmed and simultaneously withdrew the ratings assigned to VAB Bank and its senior unsecured debt, reported the press-centre of VAB Bank.

Given the currently limited access to the international capital markets, almost no appetite of
investors for emerging markets and the cost-savings strategy of VAB Bank, the decision was made to review the necessity of maintaining the Bank’s ratings from two rating agencies.

Taking into account that there are no contractual requirements to maintain the ratings, VAB Bank decided to withdraw the ratings assigned by Fitch.

However, understanding the importance for our investors of credit ratings assigned by independent agencies, VAB Bank opted to maintain the rating assignment with Moody’s Investors Service which has been rating the company since 2003.