UniCredit Bulbank AD Aug 11

Standard & Poors, August 2011

Abstract
Financial and operational support from 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'. Adequate capitalization and liquidity. Challenging operating environment in Bulgaria. Weakened credit quality. Profitability that is under pressure from increased loan provisioning charges. The ratings on Bulgaria-based UniCredit Bulbank A.D. reflect Standard & Poor's Ratings Services' view of the bank's ownership by and financial and operational support from Italy-based UniCredit SpA (UniCredit; A/Stable/A-1), as well as its leading banking franchise in the Republic of Bulgaria (BBB/Stable/A-3), comparatively conservative risk profile, good risk management framework, and adequate capitalization and liquidity. The ratings also reflect the challenging operating environment in Bulgaria, which, in...

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.
- BA-CA Finance (Cayman) Ltd.
- BA-CA Finance (Cayman) (2) Ltd.

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