Fitch Upgrades Rating of Credit Agricole Bank

Fitch Ratings has upgraded Long-Term Foreign- and Local-Currency IDRs to 'B' from 'B-' of Credit Agricole, with Positive Outlook.

This rating action follows the revision of Ukraine's Country Ceiling to 'B' from 'B-'.

«Upgrading Ukraine's Sovereign Rating is bright example of positive trends in country’s economy and we are looking forward for these trends to be further continued. It is important that the banking sector already became more transparent and resilient, which is also a very good sign. Credit Agricole in Ukraine always strives to be a reliable partner of Ukrainian economy (Fitch confirmed the AAA for National Long Term Rating, the highest possible in the market) that follows highest standards and we are very pleased to be among the upgraded banks», Giorgio Sopranzi, Board Member, Chief Financial Officer of Credit Agricole Bank, commented.

Fitch has also placed the Viability Ratings (VRs) of Credit Agricole on Rating Watch Positive (RWP). The RWP reflects Fitch's expectations that the improving macroeconomic stability in Ukraine, the country's reasonable economic prospects and further stabilization in the sovereign's credit profile should have positive implications for the banks' standalone credit profiles (SCPs). The rating’s view of the operating environment in Ukraine also factors in recovering performance of the banking sector, improved solvency levels and lower refinancing risks.

PJSC Credit Agricole Bank has following Fitch ratings after upgrades:

• Long Term Issuer Default Rating; Upgrade; B; Rating outlook: Positive
• Short Term Issuer Default Rating; Affirmed; B
• Local Currency Long Term Issuer Default Rating; Upgrade; B+; Rating outlook: Positive
• Local Currency Short Term Issuer Default Rating; Affirmed; B
• National Long Term Rating; Affirmed; AAA (ukr); Rating outlook: Stable
• Viability Rating; Rating Watch On; b; RW: Positive
• Support Rating; Upgrade; 4.

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:

PR and corporate communications division of Credit Agricole Bank.

E-mail: Communications@credit-agricole.ua