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25.12.2006
«Fortuna-bank» LLC assigned uaBB credit rating
"Credit-Rating", a nationally-recognized credit rating agency in Ukraine has today announced the assignment of the uaBB long-term credit rating to Kiev-based "Fortuna-bank" LLC ("the Bank"). In the course of analysis the "Credit-Rating" agency used Issuer`s financial reports for 2002 9 months of 2006, as well as other inside information furnished by the Bank.
The uaBB issuer rating reflects that issuer`s liabilities are the least affected by the risk of non-payment of the principal and/or interest within speculative grade. The obligor, however, may be impaired to full and timely meet its commitment on the obligation in the Ukrainian financial market environment in the event of adverse changes in business, financial and economic conditions. However, the possibility of nonpayment is low in the near future.
Factors supporting the credit rating
- Bank`s dynamic development since its foundation, due to a great experience of Bank`s top managers.
- Indicators of active operations` and of Bank`s credit risks` securitization has been in line with that average of Ukrainian banks over the past few years.
Factors constraining the credit rating
- 2.34x growth in high-liquid assets over 2004 with 22.82% growth in bank`s liabilities over 2004, due to comparatively short Bank`s period of operation.
- Bank has comparatively little regional network, which constrains the Bank`s abilities to compete with other banks, positioning themselves as universal and systemic.
- Low level of credit portfolio and of resource basis diversification. Up to 80% Bank`s business is concentrated in four activities. 10 biggest credits take over 40% Bank`s credit portfolio.
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
