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15.04.2010
Credit-Rating: Ministry of Industrial Policy Promotes Overflow of Funds from Commercial and State-owned Banks
Credit-Rating believes that the change in servicing the companies under management of Ministry of Industrial Policy to the state-owned banks on one hand may mitigate risks of non-repayments of funds deposited or of delays in settlements with these companies; on the other hand may undermine financial state of commercial banks which provide their services to state companies. We may assume that commercial banks will face gradual outflow of funds which will prompt liquidity spreads and losses of earnings. Besides, Credit-Rating assumes that the adoption of this ordnance may cause a decrease in lending to state companies by commercial banks.
The Ministry of Industrial Policy has issued a decree #160 of March 30, 2010, which orders managers of state companies under the management of the Ministry of Industrial Policy to be serviced in state-owned banking institutions of Ukraine, to transfer cash to accounts in these banks and to perform any transactions via these banks. The managers of natural monopolies must open accounts in Ukreximbank JSC and Oschadbank OJSC.
Credit-Rating agency has operated in the Ukrainian market since 2001 being committed to assignment of the national scale ratings. The agency has assigned 1081 ratings. As at Apr. 1, 2010 the agency’s list of ratings include 646 ratings: 502 in corporate, 98 in financial and 46 in municipal sectors.
Information on all credit ratings assigned in accordance with the National Rating Scale may be found in REUTERS and BLOOMBERG information systems.
For more information, please contact:
Information and
analytic department
Sergey Rozumyak +38044490 25 50
SRozumyak@credit-rating.com.ua
Denis
Rudenko
DRudenko@credit-rating.ua
