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11.07.2007
Credit rating to TAS-Komertsbank upgraded to uaAA
Credit-Rating, a nationally-recognized credit rating agency in Ukraine has today upgraded to uaAA with Stable Outlook from uaA- (uaA minus) with Positive Outlook the long-term credit rating assigned to Kiev-based TAS-Komertsbank Joint-Stock Commercial Bank (`Bank`). Credit-Rating has also removed the Bank from the Rating Watch List. The agency has upgraded to uaAA with Stable Outlook from uaA- (uaA minus) with Positive Outlook the long-term credit rating assigned to Bank`s UAH40m 3-year issue of registered coupon bonds (A series).
A credit rating of uaAA is an investment grade rating, indicating a VERY STRONG CAPACITY of an obligor to pay both interest and principal on the given debt liability in the Ukrainian financial market environment. This rating differs slightly from obligations rated uaAAA and is the second highest rating of creditworthiness in accordance with the Ukrainian National Credit Rating Scale.
The rating`s upgrade has been called forth by conclusion of the deal on sale of Bank`s and Bank`s subsidiary TAS-INVESTBANK 100% stock to Swedbank AB.
Credit-Rating expects that this foreign investor, which is one of the leading banks in Northern Europe, will enhance Bank`s positions on the Ukrainian financial market as well as its capitalization and management quality.
Established in 1820, Swedbank is one of the leading banking groups in Nordic and Baltic countries. Swedbank is serving 8.9m private and 579K corporate clients in Sweden and in Baltic states. Swedbank`s assets amounted to ?147bn with the net profit being ?1.17bn as of 2007 year-beginning.
The Bank is classified 2nd banking group by size of net assets, operating a developed branch network, which embraces 164 outlets and sub-branches. The Bank`s net assets amounted to UAH4.41bn, the credit and investment portfolio made up UAH3.67bn with the equity being UAH569.28m. 2006 saw Bank`s pocketing UAH17.32m net profit, which is 84% higher than the year earlier.
Information on all the credit ratings assigned in accordance with the Ukrainian national scale may be found in REUTERS, BLOOMBERG and FTN MONITOR information systems.
For further information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
