Fitch Ratings on Sept. 24 upgraded the long-term foreign-currency issuer default ratings of PJSC Credit Agricole Bank, JSC ProCredit Bank, JSC State Savings Bank of Ukraine, JSC CB Privatbank, Pravex Bank JSC, PJSC JSB Ukrgasbank and JSC The State Export-Import Bank of Ukraine to B from B-.
The rating agency also upgraded the long-term local-currency issuer default ratings of Credit Agricole Bank, ProCredit Bank and PRAVEX-BANK JSC to B+ from B and of State Savings Bank of Ukraine, CB Privatbank, Ukrgasbank and Ukreximbank to B from B-.
The outlook on the long-term foreign-currency and local-currency ratings were revised to positive from stable.
Fitch also placed on Rating Watch Positive the "b" viability ratings of Credit Agricole Bank and ProCredit Bank, the "b-" viability ratings of Oschadbank, Privatbank, Pravex-Bank, Ukrgasbank and Ukreximbank and the "ccc" viability rating of Alfa-Bank.
Fitch upgraded the support ratings to 4 from 5 of Credit Agricole Bank, ProCredit Bank, Oschadbank, Privatbank, PRAVEX-BANK, Ukrgasbank and Ukreximbank. The support floor rating floors of Oschadbank, Privatbank, Ukrgasbank and Ukreximbank were revised to B from B-.
JSC Alfa-Bank's national long-term rating was downgraded to BBB+(ukr) from AA(ukr), with a stable outlook on the rating.
Fitch affirmed several other ratings of the Ukrainian banks.
The ratings action comes after Fitch upgraded Ukraine's Long-term foreign- and local-currency issuer default ratings and revised its country ceiling.
The Rating Watch Positive reflects the agency's expectation that Ukraine's improving macroeconomic stability, reasonable economic prospects and further stabilization in the sovereign's credit profile should have positive implications for the banks' standalone credit profiles.
