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19.10.2007
Credit-Rating rates Energobank at uaBBB
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today assigned Kiev-based Energobank Joint-Stock Bank (`Bank`) a long-term credit rating of uaBBB. In the course of analysis Credit-Rating considered Bank`s financial statements for 2002-2006 and 1H2007 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
- The Bank enjoys a surety provided by its primary owner - Russia-domiciled and Moscow-headquartered National Reserve Corporation CJSC, which incorporates over 100 companies.
- Bank`s assets and liabilities are balanced by their redemption terms.
- Bank`s key figures remain on adequate level for the national banking system.
Factors constraining the credit rating
- Bank`s loan portfolio and resource basis are highly concentrated on principal customers, in fact 20 biggest borrowers account for a. 50 per cent of the Bank`s loan portfolio with over 45 per cent of Bank`s liabilities accounting for 20 biggest lenders.
- Bank`s modest performance in 2002-2006, namely the 2006 ROA and ROE amounted to 0.65 and 4.33 per cent respectively.
- Bank`s exposure to loss of its market positions provided that big systemic banks would increase their market share.
Information on all 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
