Moody's on Dec. 27 upgraded the long-term local-currency deposit ratings of JSC CB Privatbank, PJSC State Savings Bank of Ukraine, JSC The State Export-Import Bank of Ukraine and PJSC Pivdennyi Bank to Caa1 from Caa2 and the long-term foreign-currency deposit ratings to Caa2 from Caa3.

The rating agency changed the outlook on the banks' long-term deposit ratings to stable from positive. It also upgraded the banks' senior unsecured regular debt to Caa1 from Caa2 and revised the outlook on the ratings to stable from positive.

Also upgraded, to "caa1" from "caa2", were the baseline and adjusted baseline credit assessments of Ukreximbank, Savings Bank of Ukraine and Pivdennyi Bank. These ratings were upgraded to "caa1" from "caa3" for Privatbank.

For all four banks, the rating agency upgraded the counterparty risk ratings to B3 from Caa1 and the counterparty risk assessments to B3(cr) from Caa1(cr).

Separately, the agency upgraded the long-term foreign- and local-currency bank deposit ratings of JSC Raiffeisen Bank Aval to Caa2/B3 from Caa3/Caa1 and those of Sberbank JSC to Caa2/Caa1 from Caa3/Caa2. PSC Prominvestbank's long-term foreign-currency bank deposit rating was upgraded to Caa2 from Caa3, and its long-term local-currency bank deposit rating was affirmed at Caa2.

The outlooks were changed to stable from positive on all the foreign-currency ratings and on Raiffeisen Bank's local-currency rating. The outlooks were maintained at stable for the other two banks' local-currency ratings.

The agency upgraded Raiffeisen Bank's baseline credit assessment to "caa1" from "caa2", its adjusted baseline credit assessment to "b3" from "caa1", its counterparty risk assessment to B3(cr) from Caa1(cr) and its counterparty risk rating to B3 from Caa1. Sberbank's baseline credit assessment was upgraded to "caa2" from "caa3", its adjusted baseline credit assessment to "caa1" from "caa2", its counterparty risk assessment to B3(cr) from Caa1(cr) and its counterparty risk rating to B3 from Caa1.

Moody's also affirmed Prominvestbank's "caa3" baseline credit assessment, "caa2" adjusted baseline credit assessment, Caa1(cr) counterparty risk assessment and Caa1 counterparty risk rating.

The actions reflect the Dec. 21 upgrade of the Ukrainian sovereign to Caa1 from Caa2. The stable outlook reflects that on the sovereign and also Moody's view that the banks' performance will remain steady during the next 12 to 18 months.