S&P upgrades United Bulgarian Bank

Standard & Poor's said it raised the long-term counterparty credit rating on United Bulgarian Bank AD to B from B-.

The agency also said it affirmed the bank's C short-term counterparty credit rating.

The outlook is negative.

The upgrades follow the upgrade of the bank's 99% owner, the National Bank of Greece, S&P said.

The ratings on the bank reflect its BB anchor, adequate business position, adequate capital and earnings, weak risk position, average funding and moderate liquidity, the agency said. Its stand-alone credit profile remains at B.

United Bulgarian Bank is considered highly systemically important bank in Bulgaria and the Bulgarian government is considered supportive of the domestic banking system, S&P said.

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