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Moody's withdraws credit ratings of Ukrsotsbank (Ukraine)

February 25, 2010 | Moody's Investors Service

Moscow, February 25, 2010 -- Moody's Investors Service today announced that it has withdrawn all ratings of Ukrsotsbank for business reasons. At the time of withdrawal, Ukrsotsbank's ratings were as follows:

• long-term local currency deposit and debt ratings of Ba1 (stable outlook);

• long-term foreign currency deposit ratings of B3 (negative outlook);

• short-term local and foreign currency ratings of Not Prime;

• Bank Financial Strength Rating (BFSR) of D- (negative outlook), and

• National Scale Rating (NSR) of Aa1.ua

Moody's withdrawal of all the aforementioned ratings of Ukrsotsbank is for business reasons. Please refer to Moody's Withdrawal Policy on www.moodys.com.

Moody's rated Ukrsotsbank's domestic bonds remain outstanding in the amount of UAH 500 million (US$65 million) due in February 2012. Moody's notes that it will no longer maintain rating coverage or publish research on these bonds and deposit ratings for Ukrsotsbank.

Moody's most recent rating action on Ukrsotsbank was taken on 8 September 2009 when the rating agency downgraded the bank's BFSR to D- from D.

The principal methodologies used in rating Ukrsotsbank are Moody's "Bank Financial Strength Ratings: Global Methodology", published in February 2007 and Moody's "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology", published in March 2007 are available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating can also be found in the Rating Methodologies sub-directory on Moody's website.

Based in Kyiv, Ukraine, Ukrsotsbank bank reported Ukrainian Accounting Standards (UAS) total assets of UAH 43.7 billion at 31 December 2009 and net profit of UAH 127 million for 2009.

Company: Ukrsotsbank

Full company nameUkrsotsbank PJSC
Country of riskUkraine
Country of registrationUkraine
IndustryBanks

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