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21.11.2005
“uaBB” credit rating assigned to upcoming bond issue of JSC CB Prichernomorye
Today the independent rating agency announced the assignment of a long term «uaBB» credit rating to the issue of registered interest bearing bonds (series B and C) of the OJSC «Commercial Bank «Prichernomorye» for the amount of 100 million UAH with five year period of circulation. In the process of analyzing «Credit-Rating» agency has used a complete financial statement of the bank for the period 2000-2004 and 8 months of 2005, as well as internal information, given by the bank, including the one received during the meeting between rating agency’s specialists and authorized representatives of the OJSC «CB «Prichernomorye».
Factors supporting the rating level:
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High indices of the bank’s own capital, specifically as of 01.07.2005 the own capital ratio was 25, 2%, against the average index of the bank system of Ukraine (12, 4%);
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Comparatively high index of assets profitability, which totalled 1, 44% by the end of the year 2004 (0, 94% is the average index of Ukrainian bank system);
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The experience of issuing and servicing of securities.
Factors restricting the rating level:
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Low liquidity index, which totalled 15, 6% by the last date of the statement, restricts the ability of the bank to level current financial risks;
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Low growth rate of balance indices against the average indices of the bank system;
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The bank’s regional structure is limited and the system of electronic payments and interbank communications are underdeveloped.
Information dealing with all assigned credit ratings according to the Ukrainian national scale is available at the internet site of «Credit-Rating» company www.credit-rating.com.ua.
Should you need more detailed information, please contact Sergey Baklazhenko,
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
