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06.09.2007
Misto Commercial Bank assigned uaBBB credit rating
Credit-Rating, a nationally-recognized credit rating agency in Ukraine, has today announced the assignment of uaBBB long-term credit rating to the Odessa-based Misto Commercial Bank LLC (`Bank`). In the course of analysis, the agency considered Bank`s financial statements for 2002-2006 and 1Q2007 as well as other inside information furnished by the Bank.
An obligor or a debt liability with uaBBB credit rating is characterized with the SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is affected by adverse changes in commercial, financial and economic conditions.
Factors maintaining the credit rating
- Proportional and balanced increase of the key groups of assets and liabilities with the positive profitability trends being retained;
- The majority of the Bank`s performance indicators are on adequate level for the banking system.
Factors constraining the credit rating
- High concentration of the Bank`s credit portfolio and of resource base on the key counterparts: as of April 01, 2007 the 20 biggest borrowers had a 40% share in the credit portfolio and the 10 biggest depositors had a 62% share in the client deposit portfolio;
- The bank`s propensity to great credit risks: as of April 01, 2007 standard for great credit risks (570.36%) was higher than average value of the Ukrainian banking system (188.44%);
- Bank`s exposure to loss of its market share provided that big systemic banks would increase their share on the Ukrainian market.
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
