| 19.11.2009 - Moody's Investors Service
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Moody's withdraws credit ratings of Alfa Bank Ukraine
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London, 18 November 2009 -- Moody's Investors Service today announced that
it has withdrawn all ratings of Alfa Bank Ukraine. At the time of
withdrawal, Alfa Bank Ukraine's ratings were as follows: long-term local and
foreign currency debt and deposit ratings of Caa1, short-term local and
foreign currency ratings of Not Prime and Bank Financial Strength Rating
(BFSR) of E, and a National Scale Rating (NSR) of Ba3.ua. The outlook on the
bank's BFSR was stable, while the outlook on the deposit and debt ratings
was negative.
Moody's has withdrawn these ratings for business reasons following the
official request from Alfa Bank Ukraine. Please refer to Moody's Withdrawal
Policy on www.moodys.com.
Moody's most recent rating action on Alfa Bank Ukraine was on 17 August
2009 when the rating agency confirmed the bank's local and foreign currency
debt and deposit ratings at Caa1 and placed a negative outlook on them.
The principal methodologies used in rating Alfa Bank Ukraine were "Bank
Financial Strength Ratings: Global Methodology" and "Incorporation of
Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology",
both published in February 2007 and available on www.moodys.com in the
Rating Methodologies sub-directory under the Research & Ratings tab.
Other methodologies and factors that may have been considered in the process
of rating this issuer can also be found in the Rating Methodologies
sub-directory on Moody's website.
Headquartered in Kiev, Alfa Bank Ukraine reported total assets of USD3.8
billion and total equity of USD447 million, according to IFRS financial
statements at the end of 2008.
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Issuer profile: PJSC “Alfa-Bank” is one of the privately-owned banks in Ukraine that is part of the international Alfa Group Consortium. The Bank holds leading positions in all segments of the Ukrainian banking market. According to NBU statistics, the Bank was the 7th largest bank in Ukraine in terms of total assets and 4th bank in terms of customer accounts of legal entities as of July 1, 2009.
Alfa-Bank enjoys recognition as a financial institution with solid reputation, one that offers reliable, convenient and innovative banking services to its customers. As a member of the Alfa Group Consortium, Alfa-Bank Ukraine has access to tried and tested best practices used by the Alfa-Banking Group. This combination of international business standards and deep knowledge of the Ukrainian market, gives Alfa-Bank Ukraine a unique advantage. The support of the Bank’s shareholders allowed it to enjoy good capitalization through regular share capital injections in 2008.
The Bank’s key positions in Ukrainian banking sectors were recognized by numerous ratings and surveys. As the result of the successful development and implementation of new retail deposit products and services, the Bank won “The Best Deposits Program” category in the “Favourites of Success 2008” contest based on a research study of consumers’ preferences certificated by the International Research Agency “InMind”. Following the results of 2008, a national rating agency “Credit Rating” assigned the Bank the highest possible A+ financial strength rating.
Alfa-Bank’s IFRS figures are audited by PricewaterhouseCoopers. Bank has been assigned ratings by international rating agencies Moody’s Investors Service and Standard & Poor's. Outstanding issues:
5 issue(s) outstanding worth UAH 1 045 000 000
1 issue(s) outstanding worth USD 840 633 000
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