In September 2019, Fitch placed the Viability ratings (VRs) of 4 state-owned Ukrainian banks on Rating Watch Positive after the upgrade of Ukraine's sovereign ratings. Following the peer review and reassessment, the rating agency affirmed the VRs at current levels, apart from PrivatBank - Privat has been upgraded to "b".

The upgrade reflects PrivatBank's stronger execution capability, especially under better operating conditions as well as the bank's improving financial metrics. The latter is captured by the stabilised asset quality, reduced capital encumbrance by unreserved legacy problem assets and stronger profitability, backed by a return to lending growth and declining loan impairment charges.

The other ratings of PrivatBank were affirmed with no changes.