Research Update: Alfa-Bank Ukraine Ratings Affirmed At 'B-/C' And 'uaBBB-' On Bank Criteria Change; Outlook Stable Dec 11

Standard & Poors, December 2011

Abstract
Following a review of Alfa-Bank Ukraine under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'B-' long-term and 'C' short-term counterparty credit ratings on the bank. The Ukraine national scale rating was affirmed at 'uaBBB-'. The outlook is stable. Our ratings on Alfa-Bank Ukraine reflect our 'b+' anchor for a commercial bank operating only in Ukraine, as well as our assessment of the bank's moderate business position, weak capital and earnings, moderate risk position, average funding, and adequate liquidity. We expect that the bank will sustain its current business, capital, and risk positions over the next 12 months. As we previously announced, on Dec. 16, 2011, Standard & Poor's Ratings Services affirmed its...

Companies mentioned in this report are: Alfa-Bank Ukraine,Ukraine Issuance PLC
Action: Affirmed
Action: Outlook: Stable

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Alfa-Bank Ukraine,Ukraine Issuance PLC

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