Ukreximbank: Update to credit analysis

Ukreximbank: Update following change of outlook to stable from negative - Credit Opinion – 2024/03/12 – US$ 250.00 – ...Ukreximbank's Caa3 long-term deposit ratings reflect the bank's Baseline Credit Assessment (BCA) of ca, which is constrained by a challenging operating environment and the sovereign rating. We do not incorporate any uplift for government support from the Government of Ukraine (Ca stable), because the BCA is at the same level as the sovereign rating. While high solvency risks have been captured in the Ukreximbank's BCAs of ca, the risks for depositors and senior creditors are somewhat offset by the bank's still sufficient liquidity. As a result, the expected loss on the bank's deposit and debt obligations remains compatible with a Caa3 rating level, one notch higher than BCA. Because of the highly volatile economic and financial situation in Ukraine, the historic financial indicators of Ukreximbank provided in this report are of limited analytical value....

Ukreximbank: Update to credit analysis - Credit Opinion – 2023/08/25 – US$ 250.00 – ...Ukreximbank's Caa3 long-term deposit ratings reflect the bank's Baseline Credit Assessment (BCA) of ca, which captures our view that a protracted military conflict could further negatively impact Ukraine's economic conditions, heightening liquidity challenges and asset risks in the banking system and severely disrupting the banks' operating environment. We do not incorporate any uplift for government support from the Government of Ukraine (Ca stable), because the BCA is at the same level as the sovereign rating. While high solvency risks have been captured in the Ukreximbank's BCAs of ca, the risks for depositors and senior creditors are somewhat offset by the bank's still sufficient liquidity. As a result, the expected loss on the bank's deposit and debt obligations remains compatible with a Caa3 rating level, one notch higher than BCA. Because of the highly volatile economic and financial situation in Ukraine, the historic financial indicators of Ukreximbank provided in this report are...

Ukreximbank: Update following rating action - Credit Opinion – 2023/02/22 – US$ 250.00 – ...Ukreximbank's Caa3 long-term deposit ratings reflect the bank's Baseline Credit Assessment (BCA) of ca, which captures our view that a protracted military conflict could further negatively impact Ukraine's economic conditions, heightening liquidity challenges and asset risks in the banking system and severely disrupting the banks' operating environment. We do not incorporate any uplift for public support from the Government of Ukraine (Ca stable), because the BCA is at the same level as the sovereign rating. While high solvency risks have been captured in the Ukreximbank's BCAs of ca, the risks for depositors and senior creditors are somewhat offset by the bank's still sufficient liquidity. As a result, the expected loss on the bank's deposit and debt obligations remains compatible with a Caa3 rating level, one notch higher than BCA. Because of the highly volatile economic and financial situation in Ukraine, the historic financial indicators of Ukreximbank provided in this report are of...

Ukreximbank: Update following rating action - Credit Opinion – 2022/12/12 – US$ 250.00 – ...On 7 December 2022, we downgraded Ukreximbank's Baseline Credit Assessment (BCA) and adjusted BCA to ca from caa3. We also downgraded Ukreximbank's long-term Counterparty Risk Assessment to Caa3(cr) from Caa2(cr) and Counterparty Risk Ratings to Caa3 from Caa2. Concurrently, we affirmed the bank's Caa3 long-term deposit ratings, Caa3 senior unsecured debt rating and Ca subordinated debt rating. The affirmed ratings incorporate a one- notch uplift from the bank's BCA of ca due to a very high probability of support from the Government of Ukraine (Caa3 negative). The outlook on the long-term deposit and senior unsecured debt ratings remains negative. The downgrade of Ukreximbank's BCA to ca was mainly driven by the material deterioration in its capital position, which followed large credit losses and resulted in the breach of its minimum capital requirements. The bank reported regulatory Tier 1 and total capital adequacy ratios of 3.4% and 6.8%, respectively, as of 1 November 2022, below the...

Moody's downgrades Ukreximbank's BCA to ca, affirms deposit and senior unsecured debt ratings at Caa3; outlook negative - Rating Action – 2022/12/07 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Ukreximbank: Update following ratings downgrade, outlook changed to negative - Credit Opinion – 2022/05/27 – US$ 250.00 – ...Ukreximbank's Caa3 long-term deposit ratings reflect the bank's Baseline Credit Assessment (BCA) of caa3 and captures our view that a protracted military conflict could further negatively impact Ukraine's economic conditions, heightening liquidity challenges and asset risks in the banking system and severely disrupting the banks' operating environment. We do not incorporate any uplift for public support from the Government of Ukraine (Caa3 negative), because the BCA is already at the same level as the sovereign rating. Russia's military invasion of Ukraine will have a severe impact on Ukraine's economic conditions and banks' operating environment. We expect that the economy will contract significantly in real terms this year, leading to acute liquidity and solvency risks for the banks. To contain the deposit outflows from the banking system, the National Bank of Ukraine (NBU) has instituted limits on withdrawals of hryvna and foreign-currency (FX) funds from banks, and introduced restrictions...

Ukreximbank: Update following ratings downgrade - Credit Opinion – 2022/03/25 – US$ 250.00 – ...Ukreximbank's Caa2 long-term deposit ratings reflect the bank's Baseline Credit Assessment (BCA) of caa2. We do not incorporate any uplift for public support from the Government of Ukraine (Caa2 on review for downgrade), because the BCA is already at the same level as the sovereign rating. The review for downgrade on Ukreximbank's ratings captures our view that a protracted military conflict could further negatively impact Ukraine's economic conditions, heightening liquidity challenges in the banking system and severely disrupting the banks' operating environment. Russia's (Ca negative) military invasion of Ukraine will have a severe impact on Ukraine's economic conditions and banks' operating environment. We expect that the economy will contract significantly in real terms this year, leading to acute liquidity and solvency risks for the banks. To contain the deposit outflows from the banking system, the National Bank of Ukraine (NBU) has instituted limits on withdrawals of hryvna and foreign-currency...

Ukreximbank: Update following BCA upgrade, deposit ratings affirmation - Credit Opinion – 2021/12/21 – US$ 250.00 – ...On 16 December 2021, we upgraded Ukreximbank's Baseline Credit Assessment (BCA) and Adjusted BCA to b3 from caa1, its Counterparty Risk (CR) Assessment to B2(cr) from B3(cr) and its Counterparty Risk Ratings (CRRs) to B2 from B3. The upgrade was driven by the improvement in the Ukrainian banking system's Macro Profile, combined with the recent improvements in the bank's asset quality and profitability, and strengthening of its capital buffer and funding mix. At the same time, Ukreximbank's BCA remains constrained by the large amount of problem loans relative to the bank's combined capital and reserve buffer and the volatility of its earnings. Our assessment of a very high probability of government support for the bank's deposits does not result in any rating uplift because Ukreximbank's BCA of b3 is at the same level as the Government of Ukraine's (B3 stable) debt rating....

Ukreximbank: Key Facts and Statistics - H1 2021 - Issuer Profile – 2021/10/20 – US$ 200.00 – ...Note: Currency converted using exchange rate of UAH¡$0.03680, as of 30 June 2021 Sources: Company reports (consolidated financial statements June 2021 and presentation July 2021), company data, National Bank of Ukraine, Moody's Investors service...

Ukreximbank: Update to credit analysis - Credit Opinion – 2021/06/25 – US$ 250.00 – ...We assign local- and foreign-currency long-term deposit ratings of B3 to Ukreximbank. The ratings are based on the bank's Baseline Credit Assessment (BCA) of caa1 and incorporate a one-notch uplift based on a very high probability of government support from the Government of Ukraine (B3 stable). Ukreximbank's BCA 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, its weak profitability and high reliance on market funding offset by ample liquidity....