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19.06.2009
Credit-Rating upgrades Marine Credit-Rating upgrades Marine Transport Bank OSJC to uaA
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it upgraded to uaA from uaBBB+ (uaBBB plus) the long-term credit rating assigned to Illichevsk-based Marine Transport Bank OJSC (`bank`). The outlook on the rating has been changed to stable. In the course of analysis Credit-Rating considered bank`s financial statements for 2004-2009 and its other inside information.
An obligor or a debt liability with uaA credit rating is characterized with the HIGH STRONG creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is susceptible to adverse changes in commercial, financial and economic conditions.
Stable outlook indicates that there are no anticipated reasons to change the rating in the course of the year.
Factors maintaining the credit rating
- The bank is capable of maintaining its competitive standing in the financial market being backed by its principal shareholder (a large Cyprus-domiciled Marfin Polular Bank Public Co Ltd.)
- Bank`s improved capitalization ratios and prudent provision policy.
- The bank`s assets and liabilities are properly balanced by their due terms.
- Sufficient profitability of bank`s core business.
Factors constraining the credit rating
- Concentrations of the loan portfolio by primary borrowers, which may negatively affect bank`s liquidity and capitalization.
- Increased concentrations of bank`s resources by primary creditors, which hampers the financial flexibility of the institution and raises its liquidity risks.
- The bank`s business procedures and risk management policy require enhancements due to expansion of the bank.
- Growing impact of external factors on the financial market and decrease in business activities in certain industries, combined with significant amounts of loans granted in foreign currencies, which, under depreciating national currency, may negatively affect solvency of certain borrowers and bank`s financial indicators.
Information on all credit ratings assigned in accordance with the National Rating 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.ua
Denis Rudenko
DRudenko@credit-rating.ua
