Ukreximbank: Update Following Rating Action

Ukreximbank: Update following rating action, outlook changed to stable from positive - Credit Opinion – 2020/06/19 – US$ 250.00 – ...On 16 June 2020, we upgraded Ukreximbank's local-currency deposit rating to B3 from Caa1 and changed the outlook on its deposit ratings to stable from positive, following the upgrade of the Government of Ukraine's rating (B3 stable). Concurrently, we downgraded the bank's Baseline Credit Assessment (BCA) to caa2 from caa1 to reflect a significant deterioration in its capital position following large losses reported in the first quarter of 2020. Ukreximbank's B3 long-term local-currency deposit rating incorporates a two-notch uplift from the bank's BCA of caa2, given a very high probability of support from the government. Ukreximbank's BCA also reflects the high interlinks between the bank's standalone asset quality and the sovereign's creditworthiness, given the bank's high direct exposure to sovereign debt and bonds guaranteed by the state (47% of the bank's assets or 7x-8x of the bank's equity); its weak profitability and capitalisation; high level of liquid assets (over 50% of total...

Ukreximbank: Update following rating action - Credit Opinion – 2019/12/17 – US$ 250.00 – ...On 27 November 2019, we affirmed all the ratings of Ukreximbank and changed the outlook on its deposit ratings to positive from stable, following the rating action on the Government of Ukraine ( Caa1 positive) and the improvement in the Ukrainian banking system's Macro Profile to Very Weak+ from Very Weak. The positive outlook is aligned with that on the sovereign rating, which reflects our assessment of a very high probability of government support for the bank's deposits. The affirmation of the bank's Baseline Credit Assessment (BCA) reflects (1) the high interlinks between the bank's standalone credit fundamentals and the sovereign's creditworthiness, given the bank's high direct exposure to sovereign debt and bonds guaranteed by the state (over 50% of the bank's assets or 9x-10x of the bank's equity as of the first half of 2019); (2) its strengthened recurring profitability in 2019; and (3) its high level of liquid assets (over 50% of total assets as of H1 2019)....

Ukreximbank: Update to credit analysis - Credit Opinion – 2019/08/09 – US$ 250.00 – ...The Caa1 global local-currency deposit rating assigned to Ukreximbank is based on its caa1 Baseline Credit Assessment (BCA) and our assessment of a very high probability of the bank receiving government support in times of need. However, this support does not provide any rating uplift to Ukreximbank's local currency deposit rating as the Government of Ukraine's Caa1 rating is not higher than the bank's BCA. The bank's foreign-currency deposit rating of Caa2 is capped by a foreign-currency deposit ceiling....

Ukreximbank: Key Facts and Statistics - 9M September 2018 - Issuer Profile – 2019/02/22 – US$ 200.00 – ...As of 1 January 2019, Ukreximbank (Ukrexim) was the largest Ukrainian bank in terms of net loans and third-largest bank in terms of total assets, with a market share of around 12.0%. Ukrexim acts as a financial agent on behalf of the Ukrainian government for loans (from foreign financial institutions) originated, borrowed or guaranteed by the State of Ukraine. The bank also provides various financial services, including structured financing, lending for energy efficiency projects, trade financing, deposit-taking facilities, transfer services, currency exchange and other banking services, to both individuals, and industrial and state- owned enterprises. As of 30 September 2018, the bank reported a consolidated asset base of UAH164.0 billion ($5.8 billion). As of 1 January 2019, Ukrexim operated through a head office, 22 branches and 39 sub- branches in Ukraine. Ukrexim was established in 1992 to support the government's international financial activities, including export-import transactions....

Ukreximbank: Update Following Rating Action - Credit Opinion – 2019/02/12 – US$ 250.00 – ...On 27 December 2018, Moody's upgraded state-owned Ukreximbank's long-term LC deposit and FC senior unsecured debt ratings to Caa1 with a stable outlook from Caa2 (positive outlook), the bank's FC deposit rating to Caa2 with a stable outlook from Caa3 (positive outlook), FC subordinated debt rating to Caa2 from Caa3 and the bank's BCA to caa1 from caa2. The upgrade was driven by the upgrade of Ukraine's sovereign bond rating to Caa1 from Caa2 and reflects: (1) the high inter-linkage between the bank's standalone credit fundamentals and sovereign creditworthiness, given the bank's high direct exposure to sovereign debt and state owned companies; (2) improved coverage of problem loans, (3) strengthened recurring profitability in 2018; and (4) high level of liquid assets. The Caa1 global local currency deposit rating assigned to Ukreximbank is based on its caa1 baseline credit assessment (BCA), and our assessment of a very high probability of government support in the event of need. However,...

Ukreximbank: Update to credit analysis - Credit Opinion – 2018/09/18 – US$ 250.00 – ...The Caa2 global local currency deposit rating assigned to Ukreximbank is based on its caa2 baseline credit assessment (BCA), and our assessment of a very high probability of government support in the event of need. However, this support does not provide any rating uplift to Ukreximbank's GLC rating as Ukraine's Caa2 sovereign rating is at the same level as the bank's BCA. Foreign currency deposit rating of Caa3 is capped by foreign currency deposit ceiling. Ukreximbank's BCA is constrained by (1) the challenging albeit stabilised operating environment in Ukraine and (2) the bank's still weak asset quality aggravated by high single- borrower concentration. At the same time, BCA is underpinned by timely capital injection from the state, stable liquidity profile, and problem loans coverage by reserves and improved profitability with the bank returning to profit generating in 2017....

Ukreximbank: Update to credit analysis - Credit Opinion – 2018/03/21 – US$ 250.00 – ...The Caa2 global local currency deposit rating assigned to Ukreximbank is based on its caa2 baseline credit assessment (BCA), and our assessment of a very high probability of government support in the event of need. However, this support does not provide any rating uplift to Ukreximbank's GLC rating as Ukraine's Caa2 sovereign rating is at the same level as the bank's BCA. Foreign currency deposit rating of Caa3 is capped by foreign currency deposit ceiling. Ukreximbank's BCA is constrained by (1) the challenging albeit stabilised operating environment in Ukraine and (2) the bank's risk profile, as reflected by the high share of foreign-currency loans and high single-name concentrations on both sides of the balance sheet. At the same time, BCA is underpinned by timely capital injection from the state, stable liquidity profile, and improved profitability with the bank returning to profit generating in 2017....

Ukreximbank: Key Facts and Statistics - 9M September 2017 - Issuer Profile – 2018/02/27 – US$ 200.00 – ...Ukreximbank (Ukrexim) was the third-largest Ukrainian bank as of 1 October 2017, with a market share of 12.8% in terms of total consolidated assets. Ukrexim acts as a financial agent on behalf of the Ukrainian government for loans (from foreign financial institutions) originated, borrowed or guaranteed by the State of Ukraine. The bank also provides various financial services, including structured financing, lending for energy efficiency projects, trade financing, deposit-taking facilities, transfer services, currency exchange and other banking services, to both individuals, and industrial and state- owned enterprises. As of 30 September 2017, the bank reported a consolidated asset base of UAH166.9 billion ($6.3 billion). As of 30 September 2017, Ukrexim operated through a head office, 24 branches and 57 sub- branches in Ukraine. Ukrexim was established in 1992 to support the government's international financial activities, including export-import transactions. The bank is wholly owned...

Ukreximbank: Update Following Rating Action - Credit Opinion – 2017/09/22 – US$ 250.00 – ...+ Strengthened capital profile supported by the government's injections + Stable funding and liquidity profiles...

Ukreximbank: Semiannual update - Credit Opinion – 2017/03/30 – US$ 250.00 – ...4 [1] All figures and ratios are adjusted using Moody's standard adjustments [2] Basel I; IFRS [3] Compound Annual Growth Rate (%). Any interim period amounts presented are assumed to be fiscal year end amounts for calculation purposes [4] Simple average of periods presented [5] Simple average of Basel I periods presented Source: Moody's Financial Metrics...