Fitch Ratings, Warsaw, 21 June 2018: Fitch Ratings has affirmed Long-Term Issuer Default Ratings of UniCredit Bulbank AD at "BBB-". The Outlooks are Stable. At the same time we upgraded the Viability Ratings (VRs) of Bulbank to "bb+" from "bb".

The upgrade of Bulbank's VR reflects its improved asset quality.

The affirmation of Bulbank's IDRs reflects Fitch's opinion of a high probability that they would be supported, if required, by parent. Bulbank is owned by UniCredit S.p.A. (UniCredit, BBB/Stable/bbb).

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