site.btaFitch Ratings Affirms ProCredit Bank and Allianz Bank Bulgaria Long-term Rating

International credit rating agency Fitch Ratings has affirmed the credit rating of ProCredit Bank (Bulgaria) and Allianz Bank Bulgaria, the organization said on its website on Friday.

The agency has affirmed ProCredit Bank (Bulgaria) EAD's (PCBB) Long-Term (LT) Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook, Shareholder Support Rating (SSR) at 'bbb-' and Viability Rating (VR) at 'bb'.

Fitch Ratings has affirmed Allianz Bank Bulgaria AD's (ABB) Long-Term Issuer Default Rating (IDR) at 'BBB+' with a Stable Outlook, and its Shareholder Support Rating (SSR) at 'bbb+'. The bank's Viability Rating (VR) has also been affirmed at 'bb'.

Bulgaria's planned eurozone accession should improve the operating environment for its domestic banks, strengthen the institutional framework and its resilience, and reinforce prospects for continued profitable operations, the agency said in its announcements about the credit rating of the two banks.

The accession should strengthen banks' good liquidity and provide flexibility for contingency planning. Business prospects are underpinned by the country's solid economic performance, reflected in rising income, large and structural improvements in asset quality, and materially reduced sector fragmentation, Fitch Ratings added.