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Fitch affirms First Ukrainian International Bank at 'B', outlook stable
KYIV. Oct 28 (Interfax-Ukraine) – Fitch Ratings has affirmed joint-stock company First Ukrainian International Bank’s (FUIB) Long-Term Issuer Default Ratings (IDRs) at ‘B’, the outlook is stable, the rating agency said on its website.
"The Long-Term IDRs of FUIB are driven by its standalone strength, as reflected in its Viability Rating (VR) of ‘b’. The ratings consider Ukraine’s challenging operating environment and the unseasoned nature of FUIB’s large portfolio of unsecured retail loans, which was the main driver of growth in recent years. These risks are counterbalanced by the bank’s healthy profitability and capitalization and a stable funding profile," the report says.
"FUIB’s National Long-Term Rating of ‘AA-(ukr)’ reflects the bank’s creditworthiness relative to Ukrainian peers," it reads.
FUIB was founded in 1991. Rinat Akhmetov is the owner of a significant stake in the bank (indirect participation is 99.9%).
According to the National Bank of Ukraine, as of September 1, 2021, in terms of total assets (UAH 99.906 billion) FUIB ranked seventh among 72 banks operating in the country.
