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12.11.2007
Credit-Rating: Artem-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 Kiev-based Artem-Bank LLC (`Bank`). 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. The plus (+) or minus (-) modifier denotes rating`s relative status within major categories.
Factors maintaining the credit rating
- The Bank`s key figures have risen starting from 2003 year-beginning, which enabled the Bank to climb 45 positions in NBU`s (National Bank of Ukraine) ranking by net assets having achieved 101 st rank as of Jul. 1, 2007.
- Low specific gravity of overdue and doubtful loans in the Bank`s customer loan portfolio during the entire period of Bank`s operation.
- High Bank`s liquidity, which significantly exceeds those averages in the national banking system.
- The majority of Bank`s key figures remain on adequate level for the national banking system.
Factors constraining the credit rating
- High concentration of the Bank`s loan portfolio and funds attracted from certain customers, which makes the Bank dependant upon financial state of a low number of Bank`s customers.
- The Bank experiences misbalances in certain currencies, which expose the Bank to currency risks.
- The Bank has low number of customers and does not have a branch network, which may hamper achievement of Bank`s strategic goals provided that big systemic banks will further augment their market positions.
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
