Fitch Ratings international agency has affirmed Credit Agricole Bank’s rating at B with positive outlook

On February 3rd 2020 the leading international agency Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer Default Rating (IDR) of Credit Agricole Bank at 'B' with positive outlook and the Long-Term Local-Currency IDR at 'B+' with positive outlook. The National Long-Term Ratings was affirmed as 'AAA (ukr)'.

«Fitch Rating once again proved Credit Agricole Bank’s status as one of the highest rated issuers in Ukraine. This is the evidence of stability, sufficient liquidity of the bank and reliable support from the Group. Thanks to a well-balanced model of universal banking, a conservative approach to risk management, Crédit Agricole Bank confirms its resilience and generates income despite the crisis», - Giorgio Sopranzi, Member of the Management Board, Financial Director of Crédit Agricole Bank, commented.

Fitch Ratings noted relatively strong standalone financial profile of bank, as captured by good profitability metrics through the cycle, limited impact of the pandemic on loan quality, healthy capitalization and stable funding profiles. At the same time, the VRs capture bank’s sensitivity to the higher-risk domestic operating environment.

Capitalization of Credit Agricole is healthy underpinned by good internal capital generation and moderate credit growth. The bank’s funding profile benefit from stable deposit franchises and healthy liquidity buffers.

For the full Fitch press release please refer here. 

About Fitch Ratings

Fitch Ratings is an international credit rating agency based out of New York City and London. It is one of the three nationally recognized statistical rating organizations (NRSRO) designated by the U.S. Securities and Exchange Commission in 1975. Fitch offers sovereign credit ratings that describe each nation’s ability to meet its debt obligations. Sovereign credit ratings are available to investors to help give them insight into the level of risk associated with investing in a particular country.  Investors use the company's Fitch ratings as a guide as to which investments will not default and subsequently yield a solid return. Fitch bases the ratings on factors, such as what kind of debt a company holds and how sensitive it is to systemic changes like interest rates. 

About Credit Agricole: 

JSC “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 ban 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 premium-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 280 000 active private and 17 000 corporate customers, including international corporations, large Ukrainian companies and representatives of small and medium business. Credit Agricole Bank is a socially responsible bank that confirms its status by the large number of projects implemented under the Corporate Social Responsibility Program “We Care!”. 

Contacts:

Viktoriia Torianyk, Head of PR and internal communications division of Credit Agricole Bank.

E-mail: Viktoriia.TORIANYK@credit-agricole.ua