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Alfa-Bank Ukraine May 09
Standard & Poors, May 2009
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Good domestic corporate market position Below-peers' maturity mismatches, but currency liquidity gaps are a concern Moderate industry lending concentration Shareholder support, as highlighted by continued capital injections Deteriorating operating environment that is pressuring asset quality Single-name concentrations in loans and deposits Sizable near-term foreign debt repayments Historically tight provisioning, also significantly increased recently The ratings on Ukraine-based Alfa-Bank Ukraine (ABU) reflect its deteriorating asset quality and sizable near-term foreign debt refinancing burden in the context of the current tough market conditions, and the bank's substantial lending and deposit concentrations and historically tight provisioning, also significantly increased recently. Offsetting these negative factors are shareholder support, and the bank's good domestic market position, moderate industry lending concentration, and below-peers' maturity mismatches. At...
Companies mentioned in this report are: Alfa-Bank Ukraine,OJSC Alfa-Bank,ABH Financial Ltd.,Alfa Bond Issuance PLC,Ukraine Issuance PLC
Action: Review
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