Standard & Poor's upgraded the long-term credit rating of Bulbank to BBB- from BB+ with stable outlook. Bulbank is the only Bulgarian bank that has an investment credit rating equal to the sovereign one of Bulgaria. The short-term rating of Bulbank has been upgraded to A-3 from B.

Bulbank benefits from the introduction of its new customer-centric business model and from the changes in the organizational structure in addition to its wide domestic market presence and a strong brand name. According to the analysts from Standard & Poor's, the strong capital levels and internal capital generation of Bulbank ensures a stable position during possible country risks.

"Bulbank is the biggest Bulgarian financial institution with 18.9% market share of total assets, strong presence and prestigious brand. The funding profile is stable and the quality of Bulbank's assets is improving." analysts from the credit rating agency comment.

The upgrade of Bulbank' credit rating is a result of the completed process of bank's integration into the structure of UniCredit Group, which long-term rating is AA-. Analysts of Standard & Poor's indicate that the credit rating of Bulbank is limited by the sovereign one of Bulgaria and the impact of the market environment.