Fitch Ratings has affirmed UniCredit Bulbank's long-term issuer default rating (IDR) at 'BBB' with a stable outlook. The bank's Shareholder Support Rating (SSR) remains at 'bbb' and its Viability Rating (VR) at 'bb+'.

UniCredit Bulbank's long-term rating follows its shareholder support rating, which reflects Fitch's view of a high likelihood of support from the UniCredit Group.

UniCredit Bulbank is one of the largest banks in the Bulgarian banking sector, accounting for 19% of the sector's assets at end-2023. The bank's business profile is underpinned by its dominant position among large corporate customers and a strong presence in other segments. The bank is self-financing, with stable and diversified customer deposits, and maintains high capital ratios and significant buffers above regulatory requirements.

The economic environment in Bulgaria continues to improve, providing moderate opportunities for Bulgarian banks to operate sustainably and profitably. The outlook is supported by membership of the banking union and significant improvements in asset quality over the past five years. 

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