Sat, Feb 11 2012

S&P affirms UniCredit Bulbank credit rating

Fri, Jul 31 2009 12:39 CET

byDnevnik.bg

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S&P affirms UniCredit Bulbank credit rating

Photo: Nadezhda Chipeva

Credit ratings agency Standard&Poor’s has confirmed the BBB rating of Bulgaria’s UniCredit Bulbank, the bank said. The bank's rating is at the country ceiling, with S&P rating rules preventing a company from being rated higher than the country in which it operates.

S&P retain the negative outlook on UniCredit Bulbank, mirroring the agency's outlook for Bulgaria.

"UniCredit Bulbank is adequately positioned to withstand the current downturn due to ongoing parental support and its own development and enterprise risk management strategies, which are both more conservative and better developed than the corresponding strategies of its domestic peers", according to the agency.

S&P said Bulgarian banks face significantly lower risks in foreign currency lending compared to other Eastern European countries, whose currencies lost ground at the end of 2008 and the start of 2009.

The rating agency expects the currency board pegging the lev to the euro to be preserved until the country joins the eurozone.

UniCredit Group has given 1.2 billion leva in financing for its Bulgarian unit for 2009, but deposits remain the bank's main source of funding. Whether the bank remains the leader on the deposits segment, where it had 14 per cent market share at end-March, would depend on the aggressive deposit strategies adopted by other institutions, S&P said.

Source: Dnevnik

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