Moody's withdraws credit ratings of Ukrgazprombank (Ukraine)
November 12, 2010 Moody's Investors Service
Moscow, November 12, 2010 -- Moody's Investors Service has today withdrawn
the following ratings of Ukrgazprombank (UGPB): B3 long-term and Not Prime
short-term local- and foreign-currency deposit ratings, E+ Bank Financial
Strength Rating (BFSR) and the long-term national scale rating
(NSR) of Baa3.ua. Before this withdrawal, UGPB's BFSR and long-term deposit
ratings carried a negative outlook. The NSR carries no specific outlook.
Moody's Investors Service has withdrawn the credit rating for its own
business reasons. Please refer to Moody's Investors Service's Withdrawal
Policy, which can be found on our website, www.moodys.com.
The rating withdrawal does not reflect a change in the companies'
creditworthiness. UGPB had no outstanding debt rated by Moody's at the time
of the withdrawal.
Moody's National Scale Ratings (NSRs) are intended as relative measures of
creditworthiness among debt issues and issuers within a country, enabling
market participants to better differentiate relative risks.
NSRs differ from Moody's global scale ratings in that they are not globally
comparable with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same country. NSRs
are designated by a ".nn" country modifier signifying the relevant country,
as in ".ua" for Ukraine. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Implementation
Guidance published in August 2010 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings."
Moody's most recent rating action on UGPB was on 30 December 2008 when
Moody's changed the outlook on all the ratings to negative.
Headquartered in Kiev, UGPB reported total assets of US$ 84 million at YE
2009 according to the bank's audited IFRS financial report.
Moody's adopts all necessary measures so that the information it uses in
assigning a credit rating is of sufficient quality and from sources Moody's
considers to be reliable including, when appropriate, independent
third-party sources. However, Moody's is not an auditor and cannot in every
instance independently verify or validate information received in the rating
Please see ratings tab on the issuer/entity page on Moodys.com for the last
rating action and the rating history.
The date on which some Credit Ratings were first released goes back to a
time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's Investors
Service provides a date that it believes is the most reliable and accurate
based on the information that is available to it. Please see the ratings
disclosure page on our website www.moodys.com for further information.
Please see the Credit Policy page on Moodys.com for the methodologies used
in determining ratings, further information on the meaning of each rating
category and the definition of default and recovery.
Company — Ukrgazprombank
Full nameUkrgazprombank Open Joint-Stock Company