OREANDA-NEWS. INDUSTRIALBANK passed a decision to cease cooperation with International Rating Agency Fitch Ratings.

Such decision was taken due to downgrade of country ratings as a whole to "ССС" (probability of default) in February this year, which would significantly effect ratings of the Bank. One should also take into account that Ukrainian financial market differs in some way from foreign one, and is considered to be risky for foreign realia, but at the same time, it is pretty reliable for Ukraine," - Oksana Grebinskaya, Deputy Chairman of the Board of JSCB "INDUSTRIALBANK", comments. "Absence of ratings by international rating agencies is not always an indicator of unsteadiness of banking institution, since availability thereof to a greater extent has an image-building nature, and is expedient in the event that foreign investors are enticed, which in the current situation is of low probability".

With a view to cease of cooperation with Fitch Ratings, ratings of the Bank are withdrawn, namely: long-term foreign currency Issuer Default Rating (IDR): "CCC", short-term foreign currency IDR: "C", support rating: "5", support rating floor: "No Floor", viability rating: "ссс".

Nowadays, INDUSTRIALBANK's long-term credit rating is confirmed by independent national rating agency "Credit-Rating" as uaBBB+. Outlook: "Stable".

JSCB "INDUSTRIALBANK" (Zaporozhye) was established in 1990. It is a universal bank offering a wide range of services to companies, entrepreneurs and individuals. Bank network counts 36 points of sale in 17 populated arrears of Ukraine. INDUSTRIALBANK entered TOP-25 of the most reliable banks of Ukraine, according to "MONEY" magazine, and TOP-50 of the strongest banks of Ukraine, according to "Minfin" financial portal. It is recognized as one of the most reliable Ukrainian banks, according to "Expert Ukraine" magazine.

Fitch Ratings is an international corporation, which main purpose is to make independent and long-term oriented assessment of creditworthiness of global credit markets, analytical investigations and findings. Fitch Ratings was established in New York by John Knowles Fitch on December 24, 1913. In 1924, Fitch introduced rating scale from "AAA" to "D". Majority stake of Fitch group is held by Fimalac S.A.(with head office in Paris).