Moody's praises Bulgarian banking system's competitiveness

Moody's praises Bulgarian banking system's competitiveness

Moody's has commented in a special report that Bulgaria's banking system is concentrated and competitive, according to a media statement published on the finance ministry's website on January 13.

According to the analysts, risk management processes in the country have improved and regulatory and supervisory frameworks are in place and constantly evolving, which is in accordance with the regulations and standards of the European Union.

The service also takes note of the strong competition on the domestic financial market, evaluating positively the participation of international financial entities in the sector. Under Moody's calculations, around 82% of the industry's combined assets are controlled by foreign investors, with almost all of the them being private, providing for more adequate risk management and franchise development through better service and new products.

The agency also considers that the banking system has sustained its flexibility and boasts solid capital buffers. In addition, the country's regulatory system is deemed adequate, enjoying a sound level of supervision exercised by the banking regulator, the Bulgarian National Bank (BNB).

Moody's confirmed Bulgaria's credit rating at Ваа3 with a "positive" outlook in late 2010.

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