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09.12.2010
Credit-Rating rates EUROGASBANK JSC’s bonds at uaBBB-
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it assigned a long-term credit rating of uaBBB- (uaBBB minus) to registered coupon bonds (series B) to be issued by Kiev-based EUROGASBANK JSC. The amount of the issue is UAH100m due Jan. 17, 2016. The outlook on the rating is stable. In the course of analysis Credit-Rating considered bank’s financial statements for 2007-2009 and 9M2010 and its other inside information.
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. A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).
Stable outlook indicates that there are no anticipated reasons to change the rating in the course of the year.
Factors maintaining the credit rating
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Bank’s assets and liabilities are properly balanced by due terms.
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Insignificant amount of overdue debts by loans.
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The majority of bank’s key figures that represent bank’s performance are acceptable for the national banking system.
Factors constraining the credit rating
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Extreme concentrations in the customer loan portfolio under low provisioning for lending transactions, which may negatively affect bank’s liquidity and capitalization.
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Significant concentrations in the resource base, which constrains bank’s financial flexibility and raises the liquidity risks.
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Small portion of spare capital, which weighs on performance efficiency ratios.
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Considerable portion of inter-bank transactions, which makes the bank more vulnerable to credit and currency-related risks.
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Retaining adverse environment in the financial market and real sector of economy, combined with high amount of loans granted in foreign currencies, which may undermine solvency of certain bank’s borrowers and weigh on bank’s liquidity and capitalization ratios.
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:
Department of
Information and Communication
Sergey Rozumyak +38044490 25 50
SRozumyak@credit-rating.com.ua
Denis
Rudenko
DRudenko@credit-rating.ua
