The two rating agencies have affirmed the stable credit profile and the financial resilience of UBB

The international rating agency Fitch Ratings has upgraded from Stable to Positive the Outlook on the Long-Term Issuer Default Rating – IDR of United Bulgarian Bank (UBB), part of the KBC Group in Bulgaria. The credit rating agency has affirmed the Bank’s long-term rating to 'A'. The Outlook revision follows a similar action with respect to Bulgaria's sovereign rating dated 25 September 2026, when Fitch revised Bulgaria’s Outlook to Positive; and affirmed the IDR at the level of BBB+.

UBB’s long-term rating and the Outlook, related to it is restricted within up to two notches above the Bulgaria’s long-term sovereign rating. It remains the highest such rating assigned to a private institution in Bulgaria and reflects Fitch's expectation that the Bank will be able to meet its financial obligations even in the event of a sovereign default. Furthermore, Fitch considers it highly unlikely that the Bulgarian sovereign would impose material restrictions that could affect the Bank's ability to honour its obligations.

Meanwhile, the Bulgarian Credit Rating Agency  (BCRA) has also published a decision, affirming the financial leader’s Long-Term Issuer Default Rating (IDR) at  ‘A’ with Stable Outlook and its Short-Term IDR at ‘А-1’; as well as a long-term national rating of ‘AA-’(BG) with Stable Outlook and a short-term national rating of ‘A-1+’(BG). 

„UBB is the Bulgarian bank with the highest credit rating in this country. The high assessment, given by both the international rating agency FITCH, and also by the leading Bulgarian Credit Rating Agency  (BCRA), motivate us to continue working for the expansion of the Bank’s role in Bulgaria’s economy and to remain a reliable partner to our over 1.5 million customers, to businesses, institutions, the non-governmental sector and to society as a whole.“, commented Christof De Mil, Chief Executive Officer of UBB and Country Manager of KBC Group for Bulgaria.

Fitch has retained the Bank’s Shareholder Support Rating (SSR) at ‘a‘, which corresponds to the agency's assessment of the strategic role of UBB in the portfolio of KBC Group and the understanding that the Group is expected to support its EU-based subsidiary, in case of need. Another factor also pointed out by Fitch is the high level of managerial and operational integration between the subsidiary and the parent company, as well as the Bank’s improved contribution to the Group. Fitch also takes into account that any support UBB may require will most likely be immaterial, relative to the parent company’s capacity to provide it, given the solid credit profile of KBC Bank and the relevant size of UBB. Detailed description of the ratings is available on the  rating agency’s webpage.

The decision of BCRA in itself reflects the high quality of the assets under management, maintained by UBB, upon generated high profitability and positive financial results. Over the reviewed period the Bank’s high liquidity and capital adequacy levels have been affirmed and additionally improved, as those are being achieved against the background of UBB’s traditionally conservative stance regarding operational risks assumption. The rating also takes into account the positive effect of the Bank's affiliation with KBC Group, one of the largest financial groups in Europe, and the successful adoption of the parent bank's management standards, expertise and experience.