International credit-rating agency Standard & Poor’s equalised UniCredit Bulbank’s rating to follow the downgrade of Bulgaria. The bank’s rating is now 'BB+/B'; Outlook Stable.

Standard & Poor’s analysts say that the rating action on UniCredit Bulbank follows the downgrade of Bulgaria, which took place just a couple of days ago. According to the rules, the credit rating of a company cannot exceed the sovereign ratings of the country it operates in. Standard & Poor’s equalised Bulgaria’s rating due to fiscal risks.

“UniCredit Bulbank is strategically important for UniCredit and in the absence of a sovereign rating constraint, we could rate UniCredit Bulbank up to three notches higher than its stand-alone credit profile”, is said in Standard & Poor’s report.

Company analysts have kept the stable outlook on UniCredit Bulbank. Their expectations are that UniCredit Bulbank’s financial profile will remain generally unchanged over the next two years and the bank will retain its ability to generate capital and earnings.

More information for media:

UniCredit Bulbank, Identity & Communications Department

Ekaterina Ancheva, Phone: + 359 2 9264 963, flbufsjob/bodifwbAvojdsfejuhspvq/ch

Magdalena Ivanova, Phone: + 359 2 9232 528, nbhebmfob/jwbopwbAvojdsfejuhspvq/ch