International rating agency Moody's Investors Service recently announced the recall of PrivatBank's Ba3.ua rating in Ukraine.
On Sept. 25, Moody's announced a downward revision of the ratings of the 13 largest Ukrainian banks in connection with the downgrade on September 23 of Ukrainian government bonds from B3 to Caa1.
Moody's said the ratings reviews were related to the sovereign rating and were not linked directly to an analysis of the banks' performance.
According to the rating agency's methodology, the rating of Ukrainian issuers cannot be higher than that of the country.
PrivatBank has an investment grade rating of A-(ukr) from international ratings agency Fitch.
Founded in 1992, PrivatBank is the largest commercial bank in Ukraine in terms of the number of clients, assets, loan portfolio and taxes paid to the national budget.
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