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08.05.2007
Outlook on credit rating to Khreschatyk Bank revised to Stable
Credit-Rating, a nationally-recognized credit rating agency in Ukraine has today removed from the Rating Watch List and affirmed at uaA the long-term credit rating assigned to Khreschatyk commercial bank OJSC (Bank`). Outlook on the rating is revised to Stable from Developing.
The agency has also removed from the Rating Watch List and affirmed at uaA the long-term credit rating assigned to the issue of registered coupon bonds (E series) by the Bank for the amount of UAH 100m with the 5-year original maturity. Outlook on the rating is revised to Stable from Developing.
The uaA long-term rating reflects strong Bank`s capacity to pay its obligations, it may, though, be more vulnerable to adverse changes in economic, financial and business conditions than obligors rated uaAA and uaAAA.
Stable Outlook denotes that there are no anticipated reasons to change rating in the course of the year. This is the Outlook by default.
In the course of the Outlook`s revision procedure the following factors have been taken into consideration: after change in structure of Bank`s major shareholders (decrease in the share of the major shareholder Head financial department of Kiev State City administration) the Bank`s current assets have been successfully substituted with the funds of legal and natural persons. Despite of significant changes in Bank`s resource basis, the Bank`s net assets, including credit and investment portfolio, have risen. The Bank`s net assets amounted to UAH 3.62bn as of Jan. 1, 2007, which is 1.065% of the net assets of Ukrainian banking system. Capitalization, liquidity and asset quality are being maintained by the Bank on adequate level. The ROA and ROE (0.90% and 5.05% respectively) are lower that those average in Ukraine (1.22% and 9.74% respectively). The Bank`s 2006 net profit amounted to UAH 32.44m (with 2005 figures amounting to 20.38m).
Information on all the credit ratings assigned in accordance with the Ukrainian national scale may be found at in the REUTERS, BLOOMBERG and FTN MONITOR information systems.
For further information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
