Positive outlook for 22 Ukrainian banks – Moody’s

Moody's Investors Service has confirmed, with a positive outlook, the B2 long-term foreign-currency deposit ratings of 22 Ukrainian banks. The ratings of foreign currency debt instruments issued by five Ukrainian banks have also been confirmed, with a positive outlook.
This rating action has been triggered by confirmation, with a positive outlook, of the B1 foreign- and local-currency government bond ratings, the B2 country's foreign-currency ceilings for bank deposits and the Ba3 country ceiling for foreign currency bonds. The A3 local currency country ceiling and Baa1 local currency bank deposit ceiling for Ukraine have been affirmed. Also affirmed are the short term ratings for country ceilings for foreign currency bonds and foreign currency bank deposits (Not Prime).
The decision not to upgrade the ratings that were under review but rather to keep a positive outlook takes into account an upcoming period of political and economic uncertainty, set against the much-improved sustainability of the government's debt metrics and relatively consistent fiscal policy.
Moody's expects there will be difficult days ahead for Ukraine given its heightened external financing needs in the context of global market volatility. Still, a positive outlook was judged to be appropriate because Ukraine has accumulated a large foreign reserve cushion after many years of strong economic growth and earlier current account surpluses.
Ukrainian banks whose foreign currency deposit ratings were confirmed were those where these ratings are constrained by the country ceiling for foreign currency deposits. Specifically, the long-term foreign currency bank deposit ratings of the following banks were confirmed at B2 with a positive outlook:
Alfa Bank Ukraine, Bank Finance and Credit, Bank Nadra, Bank NRB, Calyon Bank Ukraine, First Ukrainian International Bank, Forum Bank, Index-Bank, ING Bank Ukraine, Kreditprombank, OTP Bank Ukraine, Pivdennyi Bank, Pravex-Bank, Privatbank Commercial Bank, Prominvestbank, Raiffeisen Bank Aval, Savings Bank of Ukraine, Swedbank Invest, Swedbank OJSC (former Tas-Kommerzbank), Ukreximbank, Ukrsibbank and Ukrsotsbank.
Also, the long-term foreign currency debt ratings of the following banks
were confirmed, with a positive outlook: Forum Bank, Ukreximbank, Privatbank, Ukrsibbank and Ukrsotsbank.