Fitch rates First Ukrainian Bank B

Fitch Ratings said it assigned First Ukrainian International Bank long-term foreign and local currency issuer default ratings of B.

Fitch bases the ratings on the bank’s viability rating, which is b. The agency said it view First Ukrainian as a moderate franchise with high-risk appetite and an adequate standalone profile. The bank is Ukraine’s largest privately owned bank, but only has 4% of each system assets and customer deposits. State-owned banks control 54% of total sector assets as of Sept. 30.

“The VR also reflects Ukraine’s difficult, albeit improving, operating environment, partly defined by the Ukraine’s sovereign rating of B, which is on a positive outlook,” Fitch said in a press release.

The outlook is stable.

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