Fitch Affirms 4 Bulgarian Banks, Leasing Company

Fitch Affirms 4 Bulgarian Banks, Leasing Company

Fitch Ratings said on Thursday it has affirmed the Long-Term Issuer Default Ratings (IDRs) of Bulgarian lenders Allianz Bank Bulgaria, Societe Generale Expresbank, ProCredit Bank Bulgaria and Raiffeisenbank Bulgaria, as well leasing company Sogelease, with stable outlooks. The agency affirmed the rating of Allianz Bank Bulgaria at 'BBB+', of Societe Generale Expressbank AD and Sogelease Bulgaria at 'A-' and of ProCredit Bank (Bulgaria) EAD and Raiffeisenbank Bulgaria at 'BBB-', Fitch Ratings said in a statement. The affirmation of all the IDRs reflects Fitch's opinion of an extremely high (Expressbank and Sogelease) and high (the remaining banks) probability that they would be supported, if required, by their respective parents. The stable outlook on the banks' and Sogelease's Long-Term IDR reflects the view that risks related to parents' credit profiles are broadly balanced, Fitch Ratings said. Raiffeisenbank Bulgaria's Viability Rating (VR) has been upgraded to 'bb+' from 'bb' while the VRs of other banks have been affirmed, the credit agency added.

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