Fitch upgrades Credit Agricole Bank and grants it the highest possible rating in Ukraine.

Credit Agricole Bank confirmed its positions of the bank with the highest possible Fitch rating and one of the strongest banks in Ukraine after 21 November 2016 Fitch rating actions on Ukrainian banks.

Fitch upgraded CAB’s Long-Term Foreign Currency IDR to 'B-' from 'CCC', Short-Term Foreign Currency IDR to 'B' from 'C', Long-Term Local Currency IDR to 'B' from 'B-'. The outlooks are stable. Fitch also affirmed Short-Term Local Currency IDR at 'B', support rating at 5 and National Long-Term Rating at 'AAA(ukr). CAB’s viability rating at ‘b-‘ remains unchanged.

As stated in Fitch press release, the upgrade of CAB’s Long-Term Foreign Currency IDR to B- follows Fitch's upgrade of Ukraine's Long-Term Foreign to 'B-' from 'CCC' with Stable Outlook and the revision of Ukraine's Country Ceiling to 'B-' from 'CCC'.

Upgrade of CAB’s Long-Term Local Currency IDR to ‘B’, which is one notch above the 'B-' sovereign rating, reflects the strength of the expected shareholder support. The affirmation of CAB's National Rating reflects Fitch's view that the bank belongs to the strongest entities in Ukraine.

But moreover, Fitch states that further sovereign upgrade would likely result in an upgrade of the ratings of CAB, what is consistent with its viability rating that is, at ‘b-‘, the highest of all Fitch rated banks in Ukraine.

CAB ratings as of 21 November 2016:

• Long-Term Foreign Currency IDR: 'B-', Outlook Stable
• Long-Term Local Currency IDR: 'B', Outlook Stable
• Short-Term Foreign Currency IDR: 'B'
• Short-Term Local Currency IDR: 'B'
• Support Rating: affirmed at '5'
• Viability Rating: 'b-'
• National Long-Term Rating: 'AAA(ukr)'; Outlook Stable

About Credit Agricole:

PJSC «CREDIT AGRICOLE BANK» is a modern universal bank owned by the leading financial group in Europe – Credit Agricole Group (France). The Group is a major partner of the French economy and one of the largest banking groups in Europe. It is a leading retail bank in Europe, having the largest portfolio of assets under management, being first in the field of bank insurance and third - in project financing in Europe. Credit Agricole has been operating in the financial market of Ukraine since 1993 and renders the entire range of banking services to private individuals, including VIP clients, and business. The Bank pays special attention to cooperation with agricultural enterprises. Reliability and business reputation of CREDIT AGRICOLE in Ukraine is confirmed by the highest possible FITCH ratings, leading positions in bank sustainability, bank deposit reliability and bank profitability rankings, as well as by 460 000 private and 26 000 corporate customers, including representatives of small and medium business, large Ukrainian companies and international corporations.

Contacts:

Viktoriia Torianyk, Head of PR and corporate communications Credit Agricole Bank.
Phone: +38 044 581 07 45, e-mail: Viktoriia.Torianyk@credit-agricole.ua