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Credit-Rating: dynamics in credit rating changes gives the evidence of a slow recovery of the economy

The last 18 months (from January 2010 to June 2011) revealed decrease in the number of credit ratings downgrades – approximately only 4% of all ratings under Credit-Rating monitoring procedures were downgraded during the above period. The previous 1,5 years (from July 2008 to December 2009) when the Ukraine’s economy significantly suffered from crisis consequences, witnessed downgrades of 15% of all ratings. Such a dynamics testifies to the end of the most burning crisis issues exerting negative impact on creditworthiness of borrowers and bonds issuers.

At the same time, the number of credit rating upgrades remains still at low level – approximately 7% of all credit ratings were upgraded for the last 1,5 years, that does not dramatically differs from the downgrading dynamics during the past 1,5 year period (5% of all credit ratings were upgraded from July 2008 to December 2009).

Credit-Rating Agency points out the dynamics of credit ratings levels which mirrors the gradual improvements in situation in the economy which recovery temps are dampened by existing high-degreed macroeconomic risks, as well as sensitivity of activities of Ukrainian bonds issuers towards the basic individual risks. According to Mrs. Elena Samoylova, Director of the Agency’s Rating Research Department, “despite the fixed tendencies of real economic sector recovery, the certain stabilization in banking system and improvements in the areas of public and municipal finances, the creditworthiness of the companies in 2011 remains under force of significant individual risks which may result let-down of creditworthiness and, accordingly, defaults on obligations by some borrowers”.

Credit-Rating agency has operated in the Ukrainian market since 2001 being committed to assignment of the national scale ratings. The agency has assigned 1136 credit ratings.

Information on all credit ratings assigned in accordance with the National Rating Scale may be found in THOMSON REUTERS and BLOOMBERG information systems.

For more information, please contact:
Mr. Alexey Kapustinskiy
+380 44 490 2550

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