S&P cuts rating of United Bulgarian Bank to BB from BBB-.

By bne IntelliNews April 29, 2010
International credit rating agency S&P cut the long-term counterparty rating of the country's third-largest United Bulgarian Bank (UBB) by one notch from BBB- to BB with negative outlook. It also lowered the lender's short-term counterparty rating by one notch to B from A3. The actions followed a two-notch downgrade of the long-term and short-term ratings of its parent, the National Bank of Greece , from BBB+ to BB+ and from A2 to B respectively. S&P believed that the degree of potential support for UBB on part of the parent had fallen as a result of pressure on the Greek market. The long-term rating of UBB assumed a potential one-notch increase as compared to three notches before.

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. Saudi Arabia to scale back plans for Neom city
    6 days ago
  2. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  3. Iran vs Israel: Who is better equipped for war?
    2 days ago
  4. The ruble overtakes the yuan as Russia's main currency for settling international trade deals
    7 days ago
  5. Leading emerging markets move rapidly up World Bank’s PPP GDP and FDI confidence rankings
    7 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    17 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    21 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    26 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    19 days ago

Reports

Dismiss