Fitch Upgrades Ukrgasbank rating from “B-“ to “B”

Fitch Ratings has upgraded Ukrgasbank Long-Term Foreign Currency Issuer Default Rating (IDR) to ‘B’ from ‘B-‘. The Outlook is Positive.

The rating actions follow Fitch’s upgrade of Ukraine’s Long-Term Foreign and Local Currency IDRs to ‘B’ from ‘B-’ with Positive Outlooks and the revision of Ukraine’s Country Ceiling to ‘B’ from ‘B-‘.

The rating actions are as follows:

  • Long-Term Foreign- and Local-Currency IDRs: upgraded to ‘B’ from 'B-'; Outlook revised to Positive from Stable
  • Short-Term Foreign-Currency IDR: affirmed at 'B'
  • Support Rating: upgraded to ‘4’ from '5'
  • Support Rating Floor: revised to ‘B’ from 'B-'
  • Viability Rating: 'b-', placed on Rating Watch Positive (RWP)
  • National Long-Term Rating: affirmed at 'AA(ukr)'; Outlook Stable

The RWP reflects Fitch’s expectations that the improving macroeconomic stability in Ukraine, the country’s reasonable economic prospects and further stabilization in the sovereign’s credit profile should have positive implications for the bank’s standalone credit profile.

For the full text of rating action commentary visit Fitch Ratings website.