S&P Raised UBB Ratings to ‘BBB/A-2’

On June 11, 2007, Standard & Poor’s Ratings Services raised its long- and short-term counterparty credit ratings on United Bulgarian Bank A.D. (UBB) to ‘BBB/A-2’ from ‘BBB-/A-3’. The outlook is stable. 

The upgrade reflects the strengthened business and financial position of the bank, namely the successful implementation of the focused growth strategy, franchise diversification, decrease in NPLs and individual loan concentrations, good profitability, and stable capitalization and funding.

As the third-largest commercial bank in Bulgaria, with total assets of Bulgarian lev (BGN) 4.5 billion (€2.3 billion at €1 to BGN1.94) at end-March 2007, UBB has a strong commercial franchise in corporate and retail banking in Bulgaria, supported by its extensive distribution network and a strong brand name. UBB is NBG’s largest operation in Southeast Europe, which is integral for NBG’s growth strategy.