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Moody's affirms VAB Bank
Moody's Investors Service said it affirmed the following ratings of VAB Bank: E standalone bank financial strength rating; Caa1 long-term local and foreign currency deposit ratings; Not Prime short-term local and foreign currency deposit ratings; Caa1 long-term foreign currency debt rating; and Ba1.ua national scale rating.
The outlook on the long-term ratings and the bank financial strength rating remains positive while national scale rating carries no specific outlook.
Moody's said the affirmations were driven by: (a) the change in ownership structure and, thus, the reset of strategic objectives that took place in the fourth quarter of 2011 thereby facilitating recovery of the bank's profitability; (b) demonstration of capital support from the bank's current shareholders that should enable VAB Bank to successfully implement the newly adopted strategy; and (c) some progress in cost-saving and business generation initiatives demonstrated to date.
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