Fitch Ratings Raised UBB Long-term Rating to "BB+"
The international rating agency Fitch Ratings raised the UBB Long-term rating to "BB+" from "BB" while the outlook remains "Positive". The decision followed the raise of Bulgaria's sovereign rating to "BB+".
The Long-term rating for UBB is based on potential support from its parent, National Bank of Greece (NBG, rated 'A-' (A minus)), and is constrained by the sovereign ceiling for Bulgaria.
UBB reports a significant raise of the Bank's profit for the first half of the year 2003, compared to the same period of 2002. The profit of the Bank (after taxes) is 22.729 million BGN.