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14.11.2006
CJSC «Imexbank» assigned uaA credit rating
"Credit-Rating", a nationally-recognized credit rating agency in Ukraine, has today announced the assignment of the uaA national long-term credit rating to the Odessa-based Closed Joint-Stock Company "Imexbank" ("the Bank"). In the course of analysis the "Credit-Rating" agency used the Bank`s financial reports for 2001-2005 and for 8 months of 2006, as well as other inside information furnished by the Bank.
The uaA long-term credit rating reflects Bank`s STRONG CAPACITY to pay the debt liability given, it may, though, be more vulnerable to adverse changes in economic, financial and business conditions than debt liabilities rated uaAA and uaAAA.
Factors supporting the credit rating
- The Bank takes 31st place (as of 1 Jul. 2006) by the net assets volume in the banking system of Ukraine, and is a financial centre of the biggest financial and industrial group in southern Ukraine.
- The Bank`s development over the past 4 1/2 years, in fact the assets volume increased 11x for 2002 - August 2006 and reached the number of UAH 1,987m, the growth in main assets and liabilities` groups have been proportional and balanced while the tendencies of profitability being retained.
- The bank has a developed regional network, amounting to 313 offices (as of 1 Aug. 2006), and is one of the most active participants of the National System of Electronic Payments (the size of the cards` overall issue amounted to 570 thousand as of 1Aug.2006)
- The high quality of the credit portfolio. In fact, the specific weight of the overdue and insolvent indebtedness of the Bank`s credit and investment portfolio amounted to 0.7%
- Relatively high liquidity indices as of 1 Aug. 2006. The index of quick liquidity was 36.8% as of 1 Aug. 2006 (36.05% as of the beginning 2006)
Factors constraining the credit rating
- The indices of the assets operations` and credit risks` securitization has had a descending dynamics over the past few years.
- Necessity in optimization of the Bank`s business processes entailed by the Bank`s development.
Information on all the credit ratings assigned in accordance with the Ukrainian national scale can be found in the REUTERS and BLOOMBERG information systems.
For further information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
