Ukrgasbank rating was upgraded

12:36, 10 November 2006
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“Credit-Rating” agency has announced change from “stable” to “positive” outlook for the uaBBB long-term credit rating of the Kyiv-based OJSB Ukrgasbank (http://www.ukrgasbank.ua/), NBU Licence #123 as of 19.11.2001.

The agency also announced about the change from “stable” to “positive” for the uaBBB long-term credit rating assigned to the issue of the registered discount bonds for the amount of UAH 100 mln. with the 5-year maturity.

According to LIGABusinessInform information agency (http://www.liga.net/), the uaBBB long-term credit rating reflects a sufficient bank`s capacity to timely and in full meet its financial commitments. However, the bank is more vulnerable to the effect of adverse changes in business, financial and economic conditions as compared to the issuers with higher ratings.

The Positive Outlook exhibits a possibility for the rating`s upgrade in the course of the year provided that the positive tendencies are retained and the current risks are reduced.

During the process of change in credit rating outlook the following factors were taken into account: raise in   transparency of the bank`s activity, improvement in management quality and growth in main indicators of the bank`s activity, including development of infrastructure.

Financial result of Ukrgasbank for 9 months totaled UAH 18,83 mln. During 3Q 2006 the Bank has also increased its net assets up to UAH 3 395,8 mln. Loan and investment portfolio – UAH 2619,5 mln. Regulatory capital comprises UAH 299,1 mln., customer loan portfolio – UAH 1607,1 mln., customers’ deposits – UAH 2156,2 mln., retail loan portfolio – UAH 428,4 mln.

 

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