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31.08.2011
Credit-Rating affirmed PJSC Svedank Ukraine long term ratings
Credit-Rating affirmed the long-term credit rating assigned to PJSC Svedbank Ukraine (Kiev, Ukraine) at uaAA (National Ukrainian Rating Scale). The outlook for the rating has been revised to stable. The Agency also affirmed PJSC Svedbank Ukraine bank deposit rating at the level of “5” (the highest strength). To affirm the ratings, Credit-Rating considered financial statements of PJSC Svedbank Ukraine for 2009, 2010 and 1 half 2011, as well as other inside information submitted by the Bank within the rating procedure.
An obligor or a debt liability withuaAAcredit rating is characterized with the VERY STRONG creditworthiness as compared to other Ukrainian obligors or debt liabilities.
Stableoutlook indicates that there are no anticipated reasons to change the rating in the course of the year.
The bank deposit rating at the level of “5” indicates that the bank is reliable with its vulnerability to adverse commercial, financial and economic factors being low. The probability of bank's failure to return deposits is extremely low.
Factors maintaining the credit rating:
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support from Swedbank Group (the leading Swedish financial group) as a key shareholder (owner);
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moderate cost of funding base enabling the Bank to hold competitive positions on financial market;
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diversification of clients deposit portfolio;
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assets and liabilities have been properly balanced by due terms;
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capitalization ratio upturn;
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Bank’s market position specified by acceptable regional network and card business development, as well as significant client base.
Factors constraining the credit rating:
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inclination for credit and currency risks;
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significant decrease in net operating income, as well as low quality of assets;
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low business activities and persisting hardships in certain economy sectors, which limit effective demand for lending and weighs on the bank’s figures.
Information on all credit ratings assigned in accordance with the National Ukrainian Rating Scale may be found in THOMSON REUTERS and BLOOMBERG information systems.
For more information, please contact:
Mr. Alexey
Kapustinskiy
+380 44 490 2550
AKapustinskiy@credit-rating.ua
