(Tiper Stock Exchange) – Fitch Ratings confirmed the Long-Term Issuer Default Rating (IDR) of UniCredit Bulbank (subsidiary based in Bulgaria of Italian banking group) to “BBB” with a stable outlook and its Viability Rating (VR) at “bb+”.
The rating agency says theBulgarian business environment continues to converge towards CEE levels, improving the opportunities of Bulgarian banks to carry on consistently profitable activities.
Bulbank is one of the largest banks in the concentrated Bulgarian banking sector. The business profile of the bank is supported by high market shares (about 19% of sector assets at the end of 2022), especially among large companies. Bulbank’s business model has “remained resilient to various shocks across the economic cycles,” it said in a statement.