OREANDA-NEWS. October 12, 2015. Standard & Poor's Ratings Services international rating agency reported an upgrade of PrivatBanks long- and short-term counterparty credit ratings to 'CC/C from 'SD' because of the completion of its Eurobonds restructuring.

According to S&P, the upgrade follows PrivatBank's agreement with the holders of its USD 200 million Eurobonds due 23rd September 2015, to extend their maturity to 15th January 2016 (extendable to 2018 subject to restructuring of subordinated debt due February 2016). S&P notes that PrivatBank initiated the extension of the two Eurobond maturities in light of the very difficult economic conditions in Ukraine and in line with the National Bank of Ukraine's requirements to ease pressure on Ukraine's currency market.

On 8th September, 2015, PrivatBank signed a supplemental loan agreement with investors regarding its USD 200 million Eurobonds due to mature in September 2015. Within this agreement, PrivatBank increased the interest rate to 10.25% on the Eurobonds and extended the maturity date to 15th January 2016 from 23rd September 2015.

PrivatBank received a very high level of investor support during the Eurobond extension process in 2015. 85.17 per cent of the holders of 2015 Eurobonds participated in the voting, while 96.94 per cent of whom voted in favour, which was one of the highest results among similar processes by Ukrainian companies.