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05.04.2007
Credit rating assigned to «Pivdennyi» Bank upgraded to uaA
"Credit-Rating", a nationally-recognized credit rating agency in Ukraine has today upgraded to uaA from uaBBB+ (uaBBB plus) the long-term credit rating assigned to Odessa-based "Pivdennyi" Joint-Stock Commercial Bank ("the Bank"). To revise the rating the agency used Bank`s financial statements for 2001-2006 and other Bank`s inside information.
The uaA issuer rating reflects Bank`s strong capacity to meet its commitments on obligations in the Ukrainian financial market environment. It may, though, be more vulnerable to adverse changes in economic, financial and business conditions than issuers rated uaAA and uaAAA.
In the course of the rating`s upgrade procedure the following factors were taken into consideration: the ROA rose to 1.14% as of 1 Jan. 2007, the ROE grew to 10.06%, the resource basis has been diversified and customized at the expense of funds attracted from the Bank`s Latvia-domiciled subsidiary "Regional Investment Bank" OJSC. Moreover, the Bank`s key balance indicators have been rapidly growing alongside with the retention of balanced structure and high asset quality. The specific gravity of doubtful and bad credits in Bank`s loan portfolio has declined to 0.19% from 0.77% over 2006.
Information on all the credit ratings assigned in accordance with the Ukrainian national scale may 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
