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On June 16, the International Rating Agency Moody's upgraded PrivatBank's ratings, including its BCA (Baseline Credit Assessment) to "b3" from "caa1", LT Bank Deposits (Foreign) to "Caa1" from "Caa2" and LT Bank Deposits (Domestic) to "B3" from "Caa1". The outlook on the bank's deposit ratings has been changed to "Stable" from "Positive".
According to Moody's, the upgrade of Privatbank's ratings followed the relevant sovereign rating action on Ukraine and reflects the bank's strong profitability metrics driven by recurring revenues, low reliance on market funding and very high level of liquid assets.