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    BRAMA News and Community Press

    BRAMA, Feb 10, 2006, 1:00 pm ET

    Press release

    Fitch Rates Ukreximbank's Sub Debt 'B'

    Fitch Ratings-Moscow/London-10 February 2006: Fitch Ratings has today assigned Credit Suisse International's ("CSI") USD95 million 8.4% issue of limited recourse loan participation notes due February 2016 with interest rate step up in February 2011 a Long-term 'B' rating. The notes are to be used solely for financing a subordinated loan to The State Export-Import Bank of Ukraine ("Ukreximbank", rated Long-term foreign currency 'BB-' (BB minus)/Stable, Short-term 'B', Support '3', Individual 'D/E'). CSI will only pay noteholders amounts (principal and interest), if any, received from Ukreximbank under the loan agreement.

    The difference between the rating of the notes and Ukreximbank's Long-term rating reflects Fitch's notching policy for senior and more junior obligations, indicating the higher expected loss for more junior debt instruments. It also takes into account provisions in the subordinated loan agreement, which, in accordance with the requirements of the National Bank of Ukraine ("NBU"), allow the borrower to suspend interest payments in certain circumstances.

    Although the lender's claims in relation to repayment of the subordinated loan will be junior to those of all unsubordinated claims and will rank at least pari passu with all other unsecured and subordinated obligations, claims in respect to interest payments will rank at least pari passu with the claims of other unsubordinated borrowers, save those preferred by relevant (bankruptcy, liquidation etc.) laws. The interest rate will be fixed, with a step-up five years before maturity date. Covenants limit mergers and disposals by Ukreximbank and its subsidiaries, as well as transactions between the bank and its affiliates.

    Ukrexim will have the right to prepay the subordinated loan five years before maturity, or at any time if the subordinated loan does not qualify as Tier II capital. Noteholders will benefit from a put option in the event of a change in control of Ukreximbank, which is 100%-owned by the Ukrainian state (represented by the Cabinet of Ministers of Ukraine), provided Ukreximbank is compliant with NBU requirements. Ukreximbank's Long-term and Short-term ratings are driven by the moderate potential for support from the Ukrainian state (given the sovereign's rating of Long-term 'BB-' (BB minus)/Stable).

    Ukreximbank was founded in 1992 and was the sixth largest Ukrainian bank by assets at end-Q305, with a network of over 90 branches and outlets across Ukraine. In addition to its commercial banking activities, Ukreximbank is the only Ukrainian bank that acts as a financial agent of the Ukrainian government in attracting and servicing international loans to Ukrainian corporates, which are extended under state guarantee.

    Contact: Vladlen Kuznetsov, James Watson, Moscow, Tel. +7 495 956 9901.

    Media contact:
    Alla Izmailova, Moscow, Tel.: + 7 495 956 9901/03, alla.izmailova@fitchratings.com.

    Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

    Copyright © 1997-2011 BRAMA, Inc. All rights reserved.
    The images and information contained in BRAMA News and BRAMA Press reports may not be published, broadcast, rewritten or redistributed without the prior written authority of BRAMA and/or author/photographer. The views and opinions of authors expressed on Brama.com do not necessarily state or reflect the views of Brama - Gateway Ukraine or its officers, directors or associates.


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