Fitch Puts Ukraine's Bank Credit Dnepr on Rating Watch Negative and Withdraws Ratings
February 13, 2009 "Fitch Ratings"
Fitch Ratings-London/Moscow-12 February 2009: Fitch Ratings has today put Ukraine-based Bank Credit Dnepr's (BCD) ratings, including its Long-term Issuer Default Rating (IDR) of 'B-' (B minus) on Rating Watch Negative (RWN). A full list of rating actions on BCD is provided at the end of this release. At the same time, Fitch has withdrawn all of the bank's ratings and will no longer provide ratings or analytical coverage on this issuer.
The RWN reflects Fitch's increased concerns over the potential contagion risk from the credit pressures facing major Ukrainian pipes and railway wheels producer, Interpipe Limited ('CCC'/Rating Watch Negative), which has the same beneficiary as BCD. It also reflects the further recent reduction of the bank's liquidity cushion in a worsening operating environment.
Long-term IDR 'B-' (B minus), placed on Rating Watch Negative and withdrawn
Short-term IDR: 'B', placed on Rating Watch Negative and withdrawn
Individual rating: 'D/E', placed on Rating Watch Negative and withdrawn
Support rating: affirmed at '5' and withdrawn
Support Rating Floor: affirmed at 'No Floor' and withdrawn
National Long-term rating: 'BBB- (BBB minus)(ukr)', placed on Rating Watch Negative and withdrawn
Company — Kredit Dnepr
Full namePJSC Bank "Kredit-Dnepr"