KIEV, Feb. 6 - Fitch Ratings downgraded JSC State Savings Bank of Ukraine's (Oschadbank) Individual rating to 'E' from 'D.’

At the same time, the agency affirmed the bank's other ratings, including its Long-term foreign currency Issuer Default rating of 'B+' with a Negative Outlook.

According to Fitch, the downgrade of Oschadbank's Individual rating reflects its increased dependence on government financial support, given the high loan exposure to state-owned Naftogaz (rated 'B'; Rating Watch Negative) it took on at the end of 2008.