PrivatBank’s international ratings increased
International rating agencyFitch Ratings has upgraded PrivatBank’s key ratings - Issuer Default Rating and Viability Rating - to the ‘CCC’ level after the successful completion of the bank's negotiations with foreign investors. According to the Fitch report, the ratings’ upgrade reflects the positive impact of agreement on extending Eurobonds’ maturities, as well as the stable situation in the bank and its leading position in the Ukrainian market coupled with leading capitalization and liquidity.
Strong support of investors allowed the bank to use raised funds to increase regulatory capital. Including the bank’s shareholders’ investments, the regulatory capital increase totals USD 220 mln (about UAH 5 bln). Taking into account the extension of the bank’s USD 200 mln Eurobonds’ maturities until 2018, PrivatBank has received support totaling UAH 10 bln from international investors.
To be reminded, International rating agency Moody's Investors Service earlier upgraded PrivatBank’s long-term local currency deposit rating to ‘Caa3’. Also, Moody's confirmed PrivatBank’s long-term foreign currency deposit rating and Baseline Credit Assessment. The outlook on the ratings of PrivatBank was set at Stable.