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Lithuania's Ūkio Bankas ends cooperation with Standard & Poor's

Ūkio bankas
Juliaus Kalinsko / 15min nuotr. / Ūkio bankas
Šaltinis: BNS

Lithuania's Ūkio Bankas, which is controlled by Vladimir Romanov, said on Thursday that it has decided to end cooperation with Standard & Poor's, with no plans to tap international capital markets in the near future and in order to reduce operating costs.

Standard & Poor's affirmed its long-term and short-term credit ratings of Ūkio Bankas at B, with a stable outlook, the bank said in a statement to the NASDAQ OMX Vilnius stock exchange.

This follows the termination of Ūkio Bankas' cooperation with Moody's Investors Service in September 2009.

From now on, the bank will not be rated by any international ratings agency.

Ūkio Bankas and its subsidiaries posted 44.09 million litas (EUR 12.78m) in consolidated net losses for January through September 2012, versus net profits of 131,000 litas in the same period last year. The bank alone saw its net losses for the nine months soar to 47.82 million litas, almost a 10-fold increase from 4.958 million litas a year earlier.

On September 30, Romanov owned 64.92 percent of shares in Ūkio Bankas, which is quoted on the blue-chip Main List of the Vilnius stock exchange, and First Partneriai held a 9.47-percent stake.

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