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IBI-Rating has assigned the credit rating to JSC ‘CREDITWEST BANK’ at uaАА

15.12.2014
IBI-Rating informs about the assignment of the credit rating to JSC ‘CREDITWEST BANK’ at uaАА with a ‘stable’ outlook.

The credit rating of JSC ‘CREDITWEST BANK’ is substantiated by the support from the Bank’s owners and maintaining high capital ratios over a significant period of time (from October 2006). Also, it should be noted that the Bank’s shareholder is Altinbas group, which belongs to the major Turkish investment and business circles and operates in different areas, such as metals, energy, logistics, finance, real estate and education. The Bank is susceptible to the credit risk exposure (a significant concentration of the customer loan portfolio by major borrowers), which is additionally hedged by the shareholders' guarantees, who, in most cases, are foreigners. In addition, we observe a concentration of the resource base by creditors and the customer deposit portfolio by major depositors. The economic liquidity indicators of JSC ‘CREDITWEST BANK’ exceed the minimum regulatory values of the NBU, despite the available gaps between the assets and liabilities. The Bank demonstrates the information transparency and openness as well as high performance indicators. 

A positive impact on the credit rating will have, as follows: the reduced concentration of the resource base by creditors and the customer deposit portfolio by major depositors; the reduced dependence of the Bank on the financial condition of certain borrowers; the implementation of the main directions of the Bank’s development strategy. A negative impact on the credit rating will have, as follows: a significant reduction in solvency (liquidity) of the Bank; an increase of the credit risk due to the deterioration of the quality of assets; the Bank’s increasing susceptibility to the market risks; and the deterioration of the political and economic situation in the country.

The following documents received from JSC ‘CREDITWEST BANK’ have been used in order to carry out the analytic research, including the annual financial statements for 2010-2013 and three quarters of 2014, the target performance indicators for 2015, other necessary internal information, as well as the information from the publicly available sources, which the rating agency considers to be reliable.

Department of the financial area ratings

For more information, please, contact:
IBI-Rating press office 
(044) 362-90-84
press(at)ibi.com.ua