Fitch Ratings on May 24 upgraded Raiffeisenbank (Bulgaria) EAD's viability rating to "bb+" from "bb" and affirmed its BBB-/F3 long- and short-term foreign-currency issuer default ratings, with a stable outlook on the long-term rating.
The agency said the upgrade of the Raiffeisen Bank International AG unit's viability rating reflects its superior asset quality after it reduced its impaired loans to normalized levels, as well as overall moderate risk credit profile.
Raiffeisenbank's 2 support rating was also affirmed.
Additionally, Fitch affirmed the long- and short-term foreign-currency issuer default ratings of ProCredit Holding AG & Co. KGaA's ProCredit Bank (Bulgaria) EAD at BBB-/F3, of Allianz Group's Allianz Bank Bulgaria AD at BBB+/F2 and of Société Générale SA unit Societe Generale Expressbank AD and its Bulgarian leasing company Sogelease Bulgaria at A-/F1. ProCredit Bank (Bulgaria)'s BBB-/F3 long- and short-term local-currency issuer default ratings were also affirmed. The outlook on all the long-term ratings is stable.
The viability ratings of Allianz Bank Bulgaria and ProCredit Bank (Bulgaria) were affirmed at "bb-," while that of Societe Generale Expressbank was affirmed at "bb."
