Fitch Ratings on May 30 upgraded ProCredit Holding AG & Co. KGaA unit PJSC ProCredit Bank's viability rating to "b" from "b-," citing the Ukrainian lender's profitable performance and stable and sound loan quality and capitalization.
The agency also affirmed the B- long-term foreign-currency issuer default ratings of ProCredit Bank and of Crédit Agricole Group unit PJSC Credit Agricole Bank and Intesa Sanpaolo SpA unit Pravex Bank JSC. The long-term foreign- and local-currency issuer default ratings of CTF Holdings Ltd unit PJSC Alfa-Bank were affirmed at B-. The outlook on the banks' long-term ratings is stable.
All four banks' long-term local-currency issuer default ratings were affirmed at B, as were their short-term issuer default ratings. The outlook on Pravex Bank's long-term local-currency issuer default rating is negative. All other banks carry a stable outlook on the rating.
Meanwhile, CTF Holdings unit PJSC Ukrsotsbank's long-term foreign- and local-currency issuer default ratings were affirmed at B-, with a stable outlook. The short-term issuer default rating was affirmed at B. Its viability rating was downgraded to "ccc-" from "ccc," reflecting Fitch's introduction of "+" and "-" modifiers for the CCC rating category, and removed from Rating Watch Evolving. All ratings of Ukrsotsbank were withdrawn.
Credit Agricole Bank's viability rating was affirmed at "b," Pravex Bank's at "b-" and Alfa-Bank's at "ccc," with the latter removed from Rating Watch Evolving.
Also affirmed were the banks' AA(ukr) national long-term ratings, with a stable outlook on all banks except Pravex Bank, which carries a negative outlook.
