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Fitch Ratings affirms JSC Ukreximbank

22 / 10 / 2020

On October 21, 2020 Fitch Ratings released the report affirming the Long-Term Issuer Default Ratings (IDRs) of Joint Stock Company “The State Export-Import Bank of Ukraine” (JSC Ukreximbank) at 'B' with a Stable Outlook. Fitch has also affirmed the Viability Rating (VR) at its current level. 

These rating actions reflect Fitch's view of potential support the JSC Ukreximbank could receive from the government of Ukraine, if needed, as well as the bank’s systemic importance. Fitch also has taken into consideration the UAH6.8 billion JSC Ukreximbank’s capital injection provided by the state this September. The Stable Outlook on the IDRs mirrors that on the sovereign.

In Fitch’s opinion, the VR rating (remained at “ccc+”) reflects the agency’s expectation that the standalone credit profile could come under pressure with the economic fallout from the coronavirus pandemic and further economic volatility. As stated in the ratings action report, VR continues to capture the bank's sensitivity to cyclical Ukrainian operating environment, significant lending dollarisation and high linkage to the sovereign credit profile due to the bank's material holdings of sovereign bonds (34% of assets at end-1H20).

The affirmation of National Rating at 'AA(ukr)' with a Stable Outlook reflects the bank's unchanged creditworthiness.