Fitch Ratings on Dec. 30 downgraded PJSC CB PRIVATBANK's long- and short-term foreign-currency issuer default ratings to Restricted Default from CCC and C, respectively, removing them from Rating Watch Evolving.

The downgrade comes after the National Bank of Ukraine's announcement that third-party senior unsecured and subordinated creditors of the bank have been bailed in as part of the bank's recapitalization process, Fitch said. The bail-in was executed before the bank was nationalized Dec. 21.

The long-term local-currency issuer default rating and the BB(ukr) national long-term rating will be downgraded to RD if third-party senior local-currency obligations are also bailed in.

Fitch affirmed the bank's support rating at 5 and support rating floor at No Floor. Meanwhile, the long-term local-currency issuer default rating of CCC remains on Rating Watch Evolving.

In addition, the senior unsecured debt ratings of UK SPV Credit Finance plc were downgraded to C/Recovery Rating 6, the lowest possible level; removed from Rating Watch Evolving; and withdrawn, as the securities were canceled.