BFSRs evaluate the stand-alone or intrinsic financial strength of banks without reference to external support factors. BFSRs are the starting point of Moody's bank credit analysis, and are an important determinant of Moody's bank deposit and debt ratings.

Moody's then uses its JDA methodology to incorporate the potential for external support into a bank's local currency deposit rating. The potential for external support can reduce the riskiness of a bank's deposit and debt obligations; however, such support is often uncertain. Moody's uses conservative support assumptions and a limited number of support levels to ensure that sufficient weight is given to a bank's intrinsic financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings based on its notching guidelines for bank securities. Ratings for foreign currency obligations are determined after considering Moody's country ceilings for foreign currency ratings.

The methodologies are being implemented country by country, with results being announced on a weekly basis. Results for those banks with a parent bank located in another country where the methodologies have not yet been implemented will be concluded at the same time as the parent.

Moody's has completed the review on the ratings of 22 Ukrainian banks, with the result being the affirmation of all BFSRs. However, five Ukrainian banks' deposit, debt, or national scale ratings were upgraded as a result of the banks' improving financial fundamentals and evolving franchises, and two banks' ratings were downgraded due to their weakening market positions.

The implementation of the methodologies for Ukrssibbank, Calyon Bank Ukraine and Index Bank has not been concluded and requires the conclusion of the ratings review process for these banks' parents: BNP Paribas, the parent of Ukrssibbank, and Credit Agricole, the parent bank of Calyon Bank Ukraine and Index bank.

This press release lists the names of bank issuers in Ukraine whose ratings have been changed, affirmed or put on review. To view all ratings changes and other documents explaining Moody's bank rating methodologies, please go to www.moodys.com/JDABanks.

Pivdennyi Bank, JSCB — The BFSR is unchanged at E+. The Local Currency Deposit Ratings are assigned at B1/NP. The Foreign Currency Deposit Ratings are unchanged at B2/NP. The long-term National Scale Rating assigned is Aa3.ua. The outlook on BFSR and Local Currency Deposit Ratings is Stable; the outlook on Foreign Currency Deposit Ratings is Positive.


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Moody's Investors Services
STA(m) 04 May 2007	B2 13 Jul 2006	NP 13 Jul 2006	E+ 13 Jul 2006
	LT Bank Deposits – Fgn Curr	ST Bank Deposits – Fgn Curr

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FitchRatings assigned B credit rating to PIVDENNYI BANK. The outlook on rating is stable.

Credit Ratings

Long Term Issuer Default Rating:	B-	30-AUG-2006	Upgrade	Outlook:	Stable
Short Term Rating:	B	30-AUG-2006	Upgrade

Information: Fitch Ratings is the acknowledged authority providing rating services and research analysis of the highest quality. Fitch Ratings covers with its activity 75 countries through 40 offices all over the world. Fitch Ratings rates more than 1,600 financial institutions, 1,000 corporations, over 800 insurance companies and 69 countries. Fitch Ratings staff has more than 1,200 analysts over the world.