International rating agency Standard Poor s downgraded the ratings included in the group of the largest Alfa Bank (Ukraine) with the SSA /uaB to SS /uaCC. This is stated in a message S P.
We lowered the long-term counterparty credit rating OMB (Alfa-Bank (Ukraine)) with the SSA to the MOP, as well as rating on a national scale with uaB to uaCC and placed the ratings on the list CreditWatch (ratings on review) with a negative outlook, - the report says.
downgraded the ratings due to the fact that Alfa-Bank (Ukraine) intends to issue Eurobonds for the exchange of eurobonds in the previous releases.
The report also says that the ratings will be withdrawn from the list CreditWatch following the completion of the transaction, when the ratings of eurobonds could be demoted to D (default) and counterparty credit ratings - to SD (selective default) or D.
At the same time, short-term credit rating remained unchanged - at the level of S.
According to the SP, the bank plans to complete the transaction on the exchange of Eurobonds in July 2009, after which the agency intends to withdraw from the list of ratings CreditWatch.
In case of successful completion of the transaction SP may reduce ratings of eurobonds to D, and counterparty credit ratings - to the SD (if the bank will continue to implement other debt obligations) or D (if the agency will come to the conclusion that the bank prevent defaults on most of their obligations).
Liquidity Alfa-Bank (Ukraine) remained significantly low.
main subject of the analysis will be the ability of the Bank to accumulate sufficient funds for the restructuring of liabilities.
As reported, as at 1 April 2009 the assets of Alfa-Bank (Ukraine) was 30 387,1 million hryvnia, loans and debt of clients - 28 075.3 million hryvnia, equity - 3 170.5 million hryvnia.
January-March 2009 Bank finished with a loss of 161.443 million hryvnia for 2008 earnings was 158.262 million hryvnia.
99,99% shares of closed joint-stock company Alfa-Bank (Ukraine) belongs to the Cyprus company ABH Ukraine Limited, which is part of the consortium of Alfa-Group .