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.

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