The "Credit-Rating" agency updated the results of financial institutions credit ratings at a Rating committee meeting. According to the agency decision on 12 December, 2013 the credit rating outlook of JSC "Piraeus Bank ICB" was recognized as "stable". The result confirms the rating as of 4 June this year.
According to the agency, credit rating is a comprehensive tool for assessment of an obligor’s creditworthiness, of reliability of its debt obligations and for establishing fee for relevant credit risk.
It allows the rating’s bearer to show potential investors and partners its creditworthiness without divulging any confidential information, and to make relations between obligor and investor highly transparent and efficient.
Obtaining a credit rating is necessary for a company which strives to confirm its transparency, reliability and financial strength.
Besides that the agency reported results of the deposit rating of JSC " Piraeus Bank ICB" and assigned the "5" level, confirming an earlier estimate by this.
According to the "Credit-Rating" the bank deposit ratings reflects the agency independent opinion with regard to banks capacity to timely and in full meet its commitments on the deposit obligations in the course of the next 12 months. This type of rating has been developed in order to protect banks depositors via their informing with regard to strength of the banking institutions. This rating mirrors probability of obstacles for timely repayment of deposits (in case of introduction of regulatory restrictions for before due repayment of deposits, the repayment upon expiration of the deposit agreement shall be considered the timely repayment of deposits). Unlike banks general credit rating, the bank deposit ratings take into account priorities for meeting commitments on the banks obligations. The bank deposit ratings correlate with the banks rating, yet being assigned by a special scale, which is employed for financial institutions only.
Earlier, Piraeus Bank in Ukraine reported on the increase of its deposit interest rates - Piraeus Bank increased UAH rates for “Standard”, “Standard online” and “Pension” deposits
The bank deposit ratings enable potential depositors to select the most reliable banks and to decide on prolongation of deposit agreement.
Note. Piraeus Bank Group is one of the major banking institutions of Southern and Eastern Europe. Piraeus Group's pro-forma total assets amount to €93 bn, net loans to €62 bn and customer deposits to €55 bn (at the end of Septebmer 2013).
Piraeus Bank entered the Ukrainian market in 2007.
Piraeus Bank has the highest rating of deposits reliability provided by "Credit-Rating" Agency (grade "5"as of latest rating of 12.12.2013).
The Bank is authorized by the Pension Fund of Ukraine to make payments of pensions and financial assistance. The Bank is a member of Fund of Guaranteeing the Deposits of Individuals and Forum of Leading International Financial institutions (FLIFI).
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