The international rating agency Fitch Ratings has increased the Long-Term Issuer Default Rating (IDR) of KBC Bank Bulgaria (formerly: Raiffeisenbank (Bulgaria) with three notches: from 'BBB-' up to 'A-', while the short-term rating from 'F3' up to 'F1'. The outlook is positive. The Bank’s individual Viability Rating (VR) of 'bb+' has been placed on Rating Watch Negative (RWN).

The higher rating of KBC Bank Bulgaria reflects the Bank’s acquisition by the Belgian KBC Bank NV (KBC, ‘A+’/stable) on 7 July and the higher probability for support by the owner.

„KBC Bank and UBB, both being banks of the financial group KBC in Bulgaria, now have the highest long-term credit rating in this country, which is an unambiguous token of trust, which clients may have in our strength and stability “, commented Peter Roebben, Chief Executive Officer of KBC Bank and UBB and Country Manager of KBC Group for Bulgaria.

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