KYIV, May 10 – JP Morgan has downgraded eurobonds of state-owned Oschadbank (due in 2023 and 2025) and Ukreximbank (due in 2022 and 2025) from Neutral (N) to Underweight (UW) due to sovereign risks, according to a review about the Ukrainian banks issued on April 30.

According to the document, the decision is linked with uncertainty about the government's economic policy, the upcoming parliamentary election and the risk of a split and populist parliament, which may increase Ukraine's external vulnerability.