Moody's Investors Service, an international ratings agency, has downgraded to Ba2 from Ba1 the long term local currency bank deposit rating of Ukrsibbank ranking among Ukrainian largest commercial banks.

The agency also lowered bank financial strength rating of Ukrsibbank to E+ from D-. Apart from this, the agency affirmed other Ukrsibbank's ratings: the B3 long term foreign currency bank deposit rating, Not Prime short term local and foreign currency deposit rating and Aa1.ua National Scale Rating.

The rating actions follow Moody's assessment of Ukrsibbank's financial statements for 2010, prepared under the International Financial Reporting Standards.

According to Moody's rating scale, obligations rated B are considered speculative and are subject to high credit risk.

As Ukrainian News earlier reported, Ukrsibbank's assets were valued at UAH 46,868.4 million as of April 1st 2011, credits and clients' liabilities at UAH 36,934.1 million and shareholders' equity at UAH 4,866.4 million.

(Sourced from un.ua)