Fitch pulls Raiffeisenbank (Bulgaria) from watch

Fitch Ratings said it affirmed Raiffeisenbank (Bulgaria) EAD’s (RBBG) issuer default rating at BBB and removed it from rating watch negative.

“The removal from RWN reflects our view that the economic fallout from the coronavirus crisis represents a medium-term risk (as expressed by a negative outlook) to its parent’s, Raiffeisen Bank International, credit profile and its ability to provide support to its Bulgarian subsidiary as opposed to near-term risk (as expressed by the RWN), which was the base case when we reviewed RBBG in April 2020,” Fitch said in a press release.

The outlook is negative.

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