Fitch Ratings, an international credit rating agency, has affirmed the Long-Term Issuer Default Ratings (IDR) in foreign and national currencies of the state PrivatBank, respectively, at CCC- and CCC, and Viability Rating (VR) at ccc-.
This is stated in the message of the agency, Ukrainian News Agency reports.
PrivatBank's foreign currency Fitch Ratings, an international credit rating agency, has affirmed the Long-Term Issuer Default Ratings (IDR reflects Fitch's view that a default on its priority foreign currency liabilities remains a real possibility due to the war.
However, the bank maintains generally adequate liquidity in foreign currency compared to its needs, aided by various capital regulation and currency controls introduced since the beginning of the war to reduce the risks of outflow of deposits and capital and maintain stability and confidence in the banking system.
At the same time, Fitch downgraded Government Support Rating (GSR) from ccc- to ‘no support’ (ns).
As Ukrainian News Agency earlier reported, in 2022, PrivatBank reduced profits by 14% to UAH 30.25 billion compared to 2021 (UAH 35.05 billion).
100% of PrivatBank belongs to the state represented by the Ministry of Finance.
The strategy of managing state-owned banks provides for the sale of PrivatBank within 5 years.
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