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Fitch rates Ukraine-based Ukrgasbank

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Fitch rates Ukraine-based Ukrgasbank

Fitch Ratings on March 22 assigned PJSC JSB Ukrgasbank long-term foreign- and local-currency issuer default ratings of B- and national long-term ratings of AA(ukr), with stable outlooks.

The Ukraine-based bank was also assigned short-term foreign-and local-currency issuer default ratings of B and a viability rating of "b-".

Fitch said Ukrgasbank's issuer default ratings are driven by its viability rating, which reflects the difficult operating environment in Ukraine as well as the agency's view of the bank's standalone credit profile. Its national long-term rating, meanwhile, reflects the bank's relative creditworthiness within the country.

The stable outlook on the long-term issuer default ratings reflects the agency's expectation that the lender's asset quality is unlikely to deteriorate significantly in the medium term. The bank's profitability and capitalization are also expected to remain broadly stable, Fitch noted.

The agency also assigned Ukrgasbank a support rating of 5 and a support rating floor of B-, reflecting its view that state support for the lender is possible but cannot be relied upon, due to Ukraine's limited ability to provide support.