Fitch lowers ratings of UBB, Eurobank EFG Bulgaria on parents downgrade.

By bne IntelliNews December 11, 2009
International credit rating agency Fitch lowered the ratings of two local banks: the countrys third and fifth largest United Bulgarian Bank (UBB) and Eurobank EFG Bulgaria, after downgrading their Greek parents, a note on the website of the Agency reads. The long-term issuer default ratings (IDR) of the two local lenders were cut by one notch to BBB from BBB+ and the short-term IDR were downgraded by one notch as well to F3 from F2. The outlook on the long-term rating of UBB is stable while the outlook of the Eurobank EFG Bulgaria is negative. The individual ratings of the Bulgarian banks were affirmed at D and the support ratings were affirmed at 2. Fitch comments that the Greek banks willingness to support their local subsidiaries has remained unchanged but their ability to do so has been reduced. Earlier in the week, Fitch reduced the rating of the National Bank of Greece (parent of UBB) and EFG Eurobank Ergasias (parent of Eurobank EFG Bulgaria) from A- to BBB+ on sovereign rating action.

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