UniCredit Bulbank A.D. Aug 10

Standard & Poors, August 2010

Abstract
Stable ownership and financial and operational support provided by parent, UniCredit SpA. Leading franchise in Bulgaria as the largest domestic bank. Comparatively conservative risk profile and good risk management framework relative to domestic peers. Satisfactory capitalization. Still-challenging operating environment in Bulgaria. Deteriorating asset quality due to the sharp domestic recession. Profitability under pressure from increased loan provisioning charges, credit contraction, and margin pressure. The ratings on UniCredit Bulbank A.D. reflect the bank's ownership by and financial and operational support received from Italy-based UniCredit SpA (UniCredit; A/Stable/A-1), its leading banking franchise in the Republic of Bulgaria (BBB/Stable/A-3), comparatively conservative risk profile, good risk management framework, and satisfactory capitalization. The ratings also factor in the still-challenging and recessionary operating environment in Bulgaria,...

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

- UniCredit Bulbank AD
- UniCredit SpA
- UniCredit Bank Austria AG
- Hypovereins Finance N.V.
- MedioCredito Centrale SpA
- Zagrebacka banka dd
- Bank Polska Kasa Opieki S.A.
- UniCredit Bank AG
- HVB Capital LLC I
- HVB Funding Trust II
- HVB Funding Trust I
- HVB Funding Trust III
- HVB Capital LLC III
- HVB Capital LLC II
- UniCredito Italiano Capital Trust
- Yapi ve Kredi Bankasi A.S.
- UniCredit Leasing SpA
- ZAO UniCredit Bank
- Unicredit Luxembourg S.A.
- UniCredit Corporate Banking SpA
- BA-CA Finance (Cayman) Ltd.
- BA-CA Finance (Cayman) (2) Ltd.
- UniCredit Family Financing Bank SpA

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