(Repeat for additional subscribers)
Oct 9 (The following statement was released by the rating agency)
Fitch Ratings has assigned Ukraine-based PJSC CB PrivatBank's (Privat) a National Long-term Rating of 'A-(ukr)' with a Stable Outlook. Privat's other ratings are unaffected by this rating action. A full list of Privat's ratings is provided at the end of this rating action commentary.
KEY RATING DRIVERS
Privat's National rating is driven by the bank's standalone credit strength and reflects the agency's assessment of Privat's default risk relative to other issuers in Ukraine. This view takes into account the bank's broad domestic franchise, material loss absorption capacity and moderate refinancing risk. Privat's rating also reflects risks arising from recent rapid loan growth, high borrower and industry concentrations, and a potentially large related-party business.
The Stable Outlook on the National rating reflects Fitch's view that any future deterioration in Privat's credit profile is likely to be broadly in line with that of other Ukrainian issuers, meaning that the bank's default risk relative to other issuers will remain broadly unchanged.
An upgrade of Privat's National Long-term Rating could result from improvements in the bank's asset quality and a reduction of lending concentrations. A marked deterioration in these areas could lead to a downgrade.
The following ratings of Privat are unaffected:
Long-term Issuer Default Rating 'B'/Negative
Senior unsecured debt 'B'/Recovery Rating 'RR4'
Short-term Issuer Default Rating 'B'
Viability Rating 'b'
Support Rating '5'
Support Rating Floor 'No Floor'