At the end of the past week the international agency Fitch Ratings recorded the first default in a banking system of Ukraine - the rating "Rodovid Banka" is lowered at once on three points, to level D that means a bank default according to all obligations. In "Rodovid Banke" which investors repeatedly accused of a tightening of return of deposits, don't agree with the solution of Fitch. Participants of the market are afraid that the negative situation round bank can end with introduction of temporary administration of NBU and failure of the transaction with ISTIL. But on purchase of credit institution from a top-20 at once there will be other applicants, experts add.
The Fitch Ratings agency in the evening on February 12 lowered the long-term rating of a default of the issuer (RDI) "Rodovid Banka" from level CC to D, short-term RDE - with CC to D, and a national long-term rating - at once with B (ukr) to D (ukr). According to Fitch scale, score of D is assigned to "the issuer who has declared a default on all the financial obligations". By a default of Fitch means: or inability to carry out timely payment of the main amount of debt and/or percent on financial obligations; or beginning of procedure of bankruptcy; or compulsory exchange of obligations for securities with the worst conditions, than present. Score of D is assigned not on prospect, as others, and upon default approach.
In Fitch emphasized that the rating of D means existence of sufficient number of the facts of lack of payments on large debts. "Fall of long-term RDE reflects that fact that, according to Fitch, the bank not serves now all the obligations in full volume and is timely", - is spoken in the message. Score assigned "Rodovid Banku" of D is the worst among all audited banks of CIS countries.Besides, of agency are sure that the state "Rodovid Banku" won't provide any support (chances of it make less than 40%).
Three weeks ago, when Fitch lowered a rating "Rodovid Banka" to CC, was said about outflow of 25% of his clients in the IV quarter 2008, and also that liquid assets cover only 21% of client means, and the bank doesn't report Fitch the latest data on the problem credits with delay over 90 days. Now Fitch passed at once two levels of a scale of ratings - C (the default is represented inevitable) and RD (refusal in payment as regards debts) - and stated the actual default "Rodovid Banka", taking 20-е a place on assets (1,42%) in NBU rating. On the volume of a portfolio of deposits of natural persons the bank in which as of yesterday there was no temporary administration of NBU, takes 15-е a place among 182 players of the banking market.
The default rating wasn't adequately apprehended in "Rodovid Banke" - it went in the footsteps of Nadra bank, having broken off the contract with Fitch on the eve of fall of ratings. The Fitch agency was in reply compelled to withdraw default ratings "Rodovid Banka". This tactics becomes a tendency - The Credit — Dnepr bank also stopped work with Fitch in connection with threat of fall of ratings, having declared preservation of the relations with Moody's.
"We didn't declare and we aren't going to declare a default. We broke off all relations with Fitch, and they had obviously prejudiced relation, estimates were made by agency by phone, - the acting chairman of the board "Rodovid Banka" Dmitry Egorenko was indignant. - Moody's thinks the return. Many banks show mistrust to Fitch exposing a rating of AAA to issuers who now went out of business. Their rating is required only for attraction of an external loan, but hardly it will be possible in the next three years. Then they will come to us. It we pay to them".
The Fitch agency already three times since the beginning of an aggravation of crisis in Ukraine overestimated solvency "Rodovid Banka", whereas Moody's - never. Still on October 6, 2008 Moody's placed on revision for possible fall a rating of financial stability "Rodovid Banka" E+ and long-term ratings of B3 of obligations and a debt in national and foreign currencies. The agency also lowered a bank rating on a national scale - from Baa1.ua to Baa3.ua - from - for easing of its liquidity and dependence on the interbank credits. Unlike Fitch of information on methodology of Moody's isn't present in open access.
As appears from NBU data, in the IV quarter of last year "Rodovid Bank" who was aggressively developing in 2007-2008, faced mass outflow of investors. If for the first three quarters the volume of deposits of natural persons grew by 41% - to 4,069 billion hryvnias, after withdrawal annual rates fell in the IV quarter of 535 million hryvnias to 22,5%. At the same time the credit portfolio of natural persons in a year grew by 69,4%, or 1,37 billion hryvnias, - to 3,343 billion hryvnias.
Despite a default rating, in "Rodovid Banke" there is no temporary administration and the moratorium on return of means to creditors. "A situation in "Rodovid Banke" not such bad as it seems. Rating agencies aren't down on to everything", - declared "Kommersant" a source in NBU. But it can be time business, bankers speak. "In "Rodovid Bank" the temporary administration will be anyway entered. It has an investor with whom there is a contract. The low rating and administration will affect the transaction, but usually all register in such contracts possible a swagger - poshes", - the chairman of the board of one of large banks considers. According to mister Egorenko, decrease in a rating won't affect the transaction on purchase of 51% of the main owner of bank by ISTIL group of companies. "In the next two - three weeks will occur increase in authorized capital "Rodovid Banka" on 700 million hryvnias", - he promised.
However, if bank sale to ISTIL group doesn't take place, other investors can become interested in it. "Now we begin "Ukrprombank" due diligence, but potentially "Rodovid Bank" can interest us, - the chairman of the board "An alpha - bank" Andrey Volkov speaks. - We have to look, whether it is worth working in general with bank and as. It is possible to assume part of assets or deposits, it is possible to unite with bank, to give it the brand or to create group".