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07.11.2007
Credit-Rating: Pritchernomorye Bank assigned uaBBB-
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today assigned a long-term credit rating of uaBBB- (uaBBB minus) to Dnepropetrovsk-based Pritchernomorye Bank OJSC (`Bank`). In the course of analysis Credit-Rating considered Bank`s financial statements for 2003-2006 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. The plus (+) or minus (-) modifier denotes rating`s relative status within major categories.
Factors maintaining the credit rating
- The Bank`s active operations are highly secured with the Bank`s equity accompanied by adequately diversified Bank`s resource basis.
- The specific gravity of overdue and doubtful debts in Bank`s customer loan portfolio accounted for 0.3 per cent as of Jul. 1, 2007.
- Bank`s growing performance indicators in the past few years: the asset profitability exceeds 2 per cent; the performance indicator is over 200 per cent.
- The Bank`s assets and liabilities are balanced by their redemption terms.
Factors constraining the credit rating
- Bank`s loan portfolio is concentrated on certain customers, in fact over 68 per cent of the Bank`s customer loan portfolio account for 20 biggest loans.
- A significant amount of loans are uncollateralized with the specific gravity of real estate and deposits being below 50 per cent of the securitization structure.
- Bank`s exposure to loss of its market share provided that big systemic banks would increase their share on the market.
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
