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Fitch Places Pravex-Bank on Rating Watch Positive

February 06, 2008 | Cbonds

Fitch Ratings-London/Moscow-5 February 2008: Fitch Ratings has today placed Pravex-Bank’s (Pravex) Long-term foreign currency Issuer Default rating (IDR) of 'B-' (B minus), Support rating of '5', and National Long-term rating of 'BBB(ukr)' on Rating Watch Positive (RWP). This follows the 4 February 2008 announcement that Intesa Sanpaolo (rated 'AA-' (AA minus)/'F1+'/Outlook Stable) has agreed to purchase a 100% share in Pravex. Pravex's other ratings are affirmed at Short-term IDR 'B' and Individual 'D/E'.

The RWP reflects the greater probability of support being forthcoming, if required, following the expected change in ownership and will be resolved if and when the transaction is completed. Upon the completion of the transaction, Pravex’s Long-term foreign currency IDR will likely be upgraded to Ukraine's Country Ceiling, currently 'BB-' (BB minus), based on the potential support available from Intesa Sanpaolo.

Pravex was founded in 1992 by Mr Leonid Chernovetskiy, a former member of the Ukrainian Parliament and Kiev’s mayor since April 2006. Pravex is focused on servicing retail customers and SMEs. The bank started a more aggressive regional expansion in 1999 and its network is one of the most developed among Ukrainian banks. Pravex was the 23rd largest bank in Ukraine by total assets, with 1.1% market share at end-Q307.

Company: Pravex-bank

Full company namePublic joint-stock company commercial bank "PRAVEX-BANK"
Country of riskUkraine
Country of registrationUkraine
IndustryBanks

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