On October 13, 2021 Fitch Ratings released the report affirming the Long-Term Issuer Default Ratings (IDRs) of Joint Stock Company “The State Export-Import Bank of Ukraine” at 'B' with a Positive Outlook, and upgrading the Viability Rating (VR) to 'b-' from 'ccc+'.
The affirmation of IDRs reflects Fitch’s view of potential support for JSC “Ukreximbank” from the government of Ukraine, if needed, as well as the bank’s systemic importance. The Positive Outlook on the IDRs mirrors that on the sovereign.
In Fitch Ratings’ opinion, the VR upgrade to 'b-' reflects a moderately reduced pressure on bank’s capital position driven by a material improvement of ability to generate capital through profits, lower encumbrance of the bank’s equity by net impaired loans, and slightly reduced exposure to market risk.
Additionally, Fitch Ratings upgraded rating of subordinated loan participation notes due 2023 to 'CCC' from 'CCC-'. The ratings of senior unsecured debt are affirmed by the agency at the 'B' level.
The affirmation of National Rating at 'AA(ukr)' with a Stable Outlook reflects the bank’s unchanged creditworthiness relative to that of peers within Ukraine.