Fitch Ratings on Sept. 26 assigned a long-termissuer default rating of BBB, a support rating of 2 and a viability rating of"bb."
The outlook on the UniCredit SpA unit's long-term issuer default rating isnegative.
At the same time the agency assigned the Bulgaria unit ashort-term issuer default rating of F2.
UniCredit Bulbank's issuer default ratings and supportrating reflect the agency's expectation of support from the bank's ultimateparent due to its strategic importance. The unit's short-term issuer defaultrating also reflects potential support from UniCredit, Fitch added.
The negative outlook mirrors that on the parent.
The rating agency noted the bank's leading domestic marketfranchise, solid profitability, strong capital buffers, robust funding andliquidity as well as Bulgaria's challenging operating environment, the bank'shigh impaired loans ratio and overall moderate risk appetite compared withpeers.