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Standard & Poor's lowers credit rating of two of Bulgaria's largest banks

Date: 04.11.2008

The financial analysis agency Standard & Poor's decreased the credit rating of UniCredit Bulbank and the United Bulgarian Bank (UBB), the Pari Daily reported Sunday.

Both the short-term, and the long-term ratings of Bulgaria's largest bank - UniCredit Bulbank - have been lowered from BBB+/A-2 to BBB/A-3.

The short-term rating of the third largest bank in Bulgaria - the UBB - has been lowered from A-2 to A-3; its long-term rating has been confirmed at BBB. The Standard & Poor's perspective of both banks remains negative.

The decision on UniCredit Bulbank and the UBB comes after on Thursday Standard & Poor's lowered Bulgaria's long-term and short-term credit ratings from BBB+/A-2 to BBB and A-3 respectively because of the country's increased vulnerability amidst the raging global financial crisis.

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