Moody’s Has Changed FUIB Outlook to Stable from Negative

Moody's Investors Service has today changed the outlook on the B2 global local currency deposit and foreign currency debt rating of First Ukrainian International Bank (FUIB) to stable from negative. Concurrently, Moody's has upgraded the National Scale Rating (NSR) to A2.ua from A3.ua and affirmed all other ratings of the bank: the standalone E+ Bank Financial Strength Rating (BFSR, which maps to the long-term scale of B2), B3 long-term foreign currency bank deposit rating, Not Prime short-term local and foreign currency deposit rating. All global scale ratings and the BFSR carry a stable outlook, whilst the NSR carries no specific outlook.

The rating actions follow Moody's assessment of FUIB's audited financial statements for 2010, prepared under IFRS.

According to Moody's “the change of the outlook on FUIB's ratings is driven by stabilisation of the bank's asset quality indicators and improvements in its profitability in 2010, which, combined with healthy revenue generation, adequate provisioning and regulatory capitalisation, should ensure that FUIB remains well capitalised in the medium term”.

Moody’s press release in respect to this rating action is available on the agency’s website (www.moodys.com).