The rating agency Standard & Poor's increased the long-term credit rating of Bulbank from BB to BB+ with stable outlook. Bulbank remains the only Bulgarian bank with credit rating equal to the one of Bulgaria.

Bulbank gains from its strong financial structure including the high profitability and capitalization. According to the analysts of the rating agency, the credit rating of Bulbank is constrained from the relatively risky economic environment of Bulgaria, although the economy offers positive prospects for future development.

According to Standard & Poor's, given the broad deposits base, the strong brand name and stable financial and market position, backed up with the logistic and financial support of the major shareholder, Bulbank will keep the levels of profitability in the medium-term period and will keep its leading position on the domestic market.

The increase of the credit rating of Bulbank is also a result of the continued support from UniCredit in terms of improved business strategy, credit approval procedure and management information system, adds Mr. Magar Kouyoumdjian, credit analyst of Standard and Poor's. The long-term credit rating of UniCredit is AA-.