The international rating agency Moody's has upgraded the Baseline Credit Assessment of PrivatBank from caa3 to caa1 following the recent improvement of Ukraine's sovereign bond rating. The rating agency has also uplifted by one notch the Local Currency Deposit Rating (to Caa1) and the Foreign Currency Deposit Rating (to Caa2) of the bank, outlook on ratings changed from «positive» to «stable».
According to Moody's, the upgrade of PrivatBank's ratings is driven by the upgrade of the Ukraine's sovereign rating, stabilization of the banking system and strengthening of the bank's standalone asset quality and profitability.
Moody's notices, that in 2018 PrivatBank demonstrates significant improvement in profitability metrics, low reliance on market funding and high level of liquid assets.
For the full list of rating actions on PrivatBank, please refer to the publication of the rating agency.