Fitch Confirms UniCredit Bulbank's Long Term Rating at BBB-

Fitch has confirmed BBB's UniCredit Bulbank's Long Term Issuer Ratings (IDRs) and self-rating bb +.

"UniCredit Bulbank's standalone bb + rating is one level above our assessment of the operating environment in Bulgaria and is based on good capitalisation and financial results. The rating also reflects sound financing, high liquidity, market leadership, and work on normalising bad debt levels, " said Fitch in their official statement.

According to Fitch's estimation, UniCredit Bulbank is a strategically significant bank for UniCredit. The long-term BBB rating "shows the high level of management and operational integration" with the group. The outlook remains negative as it reflects the current group perspective, which in turn is the result of Fitch's prospect for Italy.