Fitch Withdraws Bank Forum's Ratings Without Affirmation
September 11, 2013 Fitch Ratings
Fitch Ratings has withdrawn Bank Forum, Public Joint Stock Company's (Forum) ratings as the bank has chosen to stop participating in the rating process.
The ratings have been withdrawn without affirmation because the bank has not provided the agency with sufficient information to enable it to decide on the appropriate rating level. Fitch will no longer provide ratings or analytical coverage of Forum.
Fitch notes that the key areas of concern in respect the bank's credit profile remain its weak asset quality and adequacy of reserves; uncertainty over recoveries on impaired loans and limited loss absorbing capacity also considering the bank's continued losses followed by shrinking operating profitability and absence of capital support to date.
The following ratings have been withdrawn without affirmation:
Long-term foreign and local currency Issuer Default Ratings (IDRs): 'CC'
Short-term IDR: 'C'
Viability Rating: 'cc'
Support Rating: '5'
National Long-term Rating: 'B(ukr)'
Company — Forum Bank
Full namePUBLIC JOINT STOCK COMPANY "BANK FORUM"