KIEV, Jan. 4 - Fitch Ratings has downgraded PJSC CB PrivatBank's Long-Term Foreign Currency Issuer Default Rating (IDR) to 'RD' (Restricted Default) from 'CCC' and removed it from Rating Watch Evolving (RWE).

Fitch said in a report on December 30 that the downgrade of PrivatBank's Long- and Short-Term Foreign Currency IDRs and debt ratings follows the recent announcement by the National Bank of Ukraine that third party senior unsecured and subordinated creditors of the bank have been bailed in as a part of the bank's recapitalization process. The bail-in was executed before the bank was nationalized on 21 December 2016.