Moody’s cuts two Ukrainian banks

Moody’s Investors Service said it downgraded Savings Bank of Ukraine’s loan participation notes to Caa2 from B3 and Ukreximbank’s loan participation notes to Caa2 from B3 and its subordinated loan participation notes to Caa3 from Caa1.

Russia’s ongoing invasion and the damage it is causing the Ukrainian economy was cited for the downgrades, the agency said.

The ratings remain on review for further downgrades.

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