Rating agency Moody's Investors Service has downgraded Ukraine's Finance and Credit bank following the decline of the country's sovereign rating.
Moody's changed Finance and Credit's rating after it asked its creditors to refinance debt in the amount of $95 million.
The credit rating of its deposits in national currency was changed from Caa1 to Caa2, and the rating on unsecured debt in foreign currency was altered from Caa1 to Ca, as well as on a national scale with Ba3.ua - to B3.ua. The BFSR is unchanged at E.
"Due to the dynamic economic and political events in Ukraine, which are not always positive, and we are sympathetic to a conservative estimate by the international rating agencies of the country as a whole, and its financial institutions," Chairman of Finance and Credit Vladimir Hluvnyk said. "Of course, we hope the situation will stabilize in the coming months, which will allow our partners to revise the current rating on the international scale upward."
Finance and Credit was founded in 1990 and is among the largest banks in Russia by total assets, according to NBU classification. It has 13 branches and 314 outlets in Ukraine. The bank provides a full range of banking services to both individuals and legal entities.
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