The International rating agency Fitch Ratings confirmed the Long-Term Issuer Default Rating (IDR) of UBB. It continues being 'A-' with Outlook Positive. The rating agency also confirmed the awarded Shareholder Support Rating (SSR) to 'a-' and the Short-term IDR to 'F1', as well as UBB’s Viability Rating (VR) to 'bb+'.

The rating agency recaps that UBB’s long-term rating cannot exceed by more than two notches the sovereign rating of Bulgaria, being BBB+, and had it not been for this restriction, then UBB’s credit rating would equal that of KBC Group Belgium.

„UBB is the Bulgarian bank with the highest credit rating in this country, which places upon us the responsibility to constantly evolve, to affirm and further expand the trust of our customers in us and to enhance our positive role in the development of Bulgaria’s economy.“, commented Mr. Christof De Mil, Chief Executive Officer of UBB and Country Manager of KBC Group for Bulgaria.

In their report Fitch Ratings describe the factors that could either separately or in their totality entail increase in the rating of UBB, by explicitly stating the increase of Bulgaria’s rating and the continuing support on the part of КВС Group.

According to the rating agency the planned accession to the eurozone should improve the operational activity of Bulgarian banks, strengthen the institutional framework and its resilience and boost the prospects for continuation of profitable operations. The accession to the eurozone should strengthen the good liquidity position of banks and ensure flexibility for emergency planning purposes.

Detailed description of ratings is available on the rating agency’s webpage.