International rating agency Standard&Poor's has raised its long-term counterparty credit rating on Bulbank to 'BBB+' from 'BBB'. At the same time, the 'A-2' short-term rating was affirmed. The outlook is stable. The rating pf Bulbank follows the foreign currency upgrade of the Republic of Bulgaria to 'BBB+/A-2' from 'BBB/A-3'.

'The ratings on Bulbank factor in its strategic importance to its parent, Italy-based UniCredito Italiano SpA, the solid market positioning, strong capitalization, and stable funding base,' was commented from the Standard & Poor's side. 'The stable outlook reflects the view that future supportive commercial initiatives launched with the support of UniCredito will reinforce Bulbank's franchise, financial performance, and credit portfolio” added analysts from S&P.

UniCredito is expected to provide ample managerial support during the time of the complex merger with Biochim and Hebros, and that Bulbank will benefit from the positive evolution of the Bulgarian operating environment and structural reforms consider experts from S&P.