Fitch upgrades Allianz Bank Bulgaria

Fitch Ratings said it upgraded Allianz Bank Bulgaria AD's (ABB) short-term issuer default rating to F1 from F2.

Fitch also said it affirmed the long-term issuer default ratings of ABB at BBB+, Raiffeisenbank (Bulgaria) EAD at BBB, ProCredit Bank (Bulgaria) EAD at BBB-, Expressbank AD and OTP Leasing at BB.

The outlook is stable.

The upgrades reflect the resolution of the under criteria observation (UC) status on its short-term issuer default rating under the new short-term ratings criteria.

The higher of two possible short-term issuer default ratings corresponding to the bank's long-term issuer default rating reflects a view of the parent's solid liquidity and that the propensity to support ABB is more certain in the near term, Fitch said.

The ratings reflect the probability of parental support, if ever required, the agency said.

The ratings also consider no changes to the bank's standalone credit profile since the last review in the second quarter of 2018, Fitch said, and also a moderate probability of support from the bank's ultimate owner.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.