11 марта 2013 |
|London, 08 March 2013 -- Moody's Investors Service has today assigned a B3 foreign-currency debt rating to the US dollar-denominated senior unsecured loan participation notes (LPNs) to be issued by SSB No .1 PLC, a UK-based special purpose vehicle (SPV), for the purpose of financing a loan to Savings Bank of Ukraine. The terms of the notes -- such as amount, coupon and tenor -- will be determined by market conditions. The outlook on the rating is negative.|
The loan supporting the notes issued by the SPV ranks pari passu with other senior unsecured obligations of Savings Bank of Ukraine.
The B3 rating assigned to the LPNs is based on the credit quality of Savings Bank of Ukraine, the ultimate obligor under the notes. Savings Bank of Ukraine's creditworthiness is constrained primarily by (1) the bank's exposure to Ukraine's weak and volatile economic environment, including Ukrainian state-owned companies and sovereign debt; and (2) very high single-party loan concentrations and high level of related-party lending. At the same time, the rating is supported by the bank's market position, which is underpinned by the largest branch network in the country, and high regulatory capitalisation.
What Could Change the Rating - Up / Down
There is limited upside potential for Savings Bank of Ukraine's ratings in the short term (12 to 18 months), captured by the negative outlook for the ratings and low sovereign rating of Ukraine at B3, which constrains upward development of the bank's financial strength rating (BFSR) and thus debt and deposit ratings given high linkages between sovereign creditworthiness and the bank's credit profile.
Any deterioration in Savings Bank of Ukraine's operating environment and/or a weakening of its standalone financial fundamentals could exert downwards pressure on the ratings.
The principal methodology used in this rating was Moody's Consolidated Global Bank Rating Methodology published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
Headquartered in Kyiv, Ukraine, Savings Bank of Ukraine reported total assets of UAH86 billion (USD1.8 billion) in accordance with unaudited local GAAP accounts as at year-end 2012.
For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.
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