FITCH agency raised the credit ratings of three Bulgarian banks on August 6, as a follow-up to the hike in the country’s long-term foreign currency rating. The winners were: United Bulgarian Bank (UBB): Long-term rating increased to BBB- from BB+, short-term to F3 from B, outlook changed to ‘stable’ from ‘positive’, support changed to ‘two’ from ‘three’. The individual rating was affirmed at C/D. Bulgarian Postbank: Long-term rating to BBB- from BB+, short-term to F3 from B, outlook changed to ‘stable’ from ‘positive’, support changed to ‘two’ from ‘three’. The individual rating was affirmed at C/D. Bulbank: Support rating changed to ‘two’ from ‘three’. The credit rating improvement reflects the decision by Fitch to upgrade the long-term and short-term foreign currency ratings of Bulgaria. The ratings of UBB and Postbank continue to be constrained by the BBB- country ceiling for Bulgaria, but also reflect potential support from their parent banks. In the case of Bulbank, although Fitch did not assign long and short-term ratings, the support rating is similarly constrained by the country ceiling and reflects potential support from its parent bank. UBB is Bulgaria’s third largest bank. The National Bank of Greece (NBG) acquired an 89.9 per cent stake in July 2000, recently increased to 99.9 per cent following the purchase of the 10 per cent stake held by EBRD. NBG has a long-term A- rating. Postbank is Bulgaria’s fifth largest bank. EFG Eurobank Ergasias of Greece holds a 96.7 per cent stake through ALICO/CEH Balkan Holdings. EFG Eurobank has a long-term A- rating. Bulbank is the largest bank in Bulgaria. Since October 2000 it has been controlled by a consortium led by UniCredito Italiano (85.2 per cent). Other key shareholders include the International Finance Corporation and Allianz. UniCredito has a long-term AA- rating with a positive outlook. – Business Staff