Fitch affirms ratings of 3 Bulgarian banks, keeps MKBU on rating watch negative.

By bne IntelliNews July 10, 2012
Fitch Ratings has affirmed the ratings of Bulgaria's banks Societe Generale Express Bank (SGE), Allianz Bank Bulgaria (ABB )and ProCredit Bank (Bulgaria) AD (PCB) assigning a stable outlook, while at the same time it kept MKB UnionBank (MKBU) on Rating Watch Negative (RWN), the rating agency said in a statement. The Long-term Issuer Default Ratings (IDRs) of SGE and of ABB were affirmed at BBB+ and of PCB at BB+. The short-term IDRs of SGE and ABB were affirmed at F2 and of PCB at B. PCB's Viability Rating (VR) was raised to bb- from b+. Fitch has also maintained MKBU's Long term IDR of 'BBB+' on RWN. The IDRs and Support Ratings of SGE, ABB, MKBU and PCB are driven by the high probability that banks will be supported by their majority shareholders, if required, Fitch said. SGE is wholly owned by France's Societe Generale, ABB is majority owned by Germany's Allianz SE and PCB is owned by ProCredit Holding. MKBU's direct shareholder is MKB Bank Hungary, in turn owned by Bayerische Landesbank. The ratings of MKB and ABB could be downgraded if their parent banks decide to sell them, the rating agency said.
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

EC urges Bulgaria to comply with EU rules on free movement of capital.

The EC has sent a reasoned opinion to Bulgaria over failure to comply with EU rules on the free movement of capital, the EC said on its website. The privatisation act in Bulgaria introduces ... more

Govt seeks delay of antitrust rules violation procedure against Bulgaria.

Bulgaria will be seeking an extension of the court procedure filed by the EC against the country over irregularities found in the assignment of digital broadcast spectrum, transport minister ... more

Bulgarians hold EUR 100mn in deposits in Cyprus.

Bulgarian individuals and companies hold EUR 100mn in Cypriot banks according to ECB data, BTA reported quoting Reuters. The largest EU depositors in the crisis-hit country are Greece with EUR ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    5 days ago
  2. Russia’s war economy boosted by rising oil prices
    7 days ago
  3. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    6 days ago
  4. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  5. Iran vs Israel: Who is better equipped for war?
    9 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    23 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    28 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    26 days ago
  5. UBN: Russia could take the Baltic states in 48 hours
    1 month ago

Reports

Dismiss