print
11.01.2008
Credit-Rating assigns SEB Bank uaAA-
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today assigned a long-term credit rating of uaAA- (uaAA minus) to Kiev-based SEB Bank OJSC (`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 uaAA credit rating is characterized with the VERY STRONG creditworthiness as compared to other Ukrainian obligors or debt liabilities. The plus (+) or minus (-) modifier denotes rating`s relative status within major categories.
Factors maintaining the credit rating
- The Bank`s owner Skandinaviska Enskilda Banken AB enjoys a significant experience in financial markets (the SEB Group is one of the leading financial groups in Northern Europe serving over 400K corporate and 5m private customers; the Group`s consolidated assets exceeds USD341bn as at 3Q2007-end.
- The Bank`s prudent and consistent credit policy and sound risk management system contributes to high quality of Bank`s loan portfolio.
Factors constraining the credit rating
- High level of concentrations in the Bank`s loan portfolio on principal borrowers and Bank`s tending to lending to trade companies accompanied by low reserves for loan operations may negatively affect Bank`s liquidity and capitalization.
- The Bank`s low indicators of performance efficiency and high Bank`s administrative expenses.
- Bank`s underdeveloped branch network hampers Bank`s capabilities to compete other banks, which position themselves as systemic and universal.
Information on all credit ratings assigned in accordance with the National Scale may be found in REUTERS and BLOOMBERG information systems.
For more information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
