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Bulbank A.D. Jun 06
Standard & Poors, June 2006
Abstract
Substantial support from majority strategic shareholder Solid market position Strong capital base for growth Stable funding base Operating in a banking system with still-high economic and industry risks, despite improvements Evolving nature of the commercial franchise and developing business diversification Untested, although improving, asset quality The ratings on Bulgaria-based Bulbank A.D. are underpinned by its strategic importance to its parent, Italy-based UniCredito Italiano SpA (UniCredito; A+/Negative/A-1), its solid position in the banking system, and strong financial profile. The ratings encapsulate the still-high, although improving, economic and industry risks prevalent in Bulgaria, Bulbank's developing commercial profile and untested asset quality, and the execution risks associated with the planned merger with HVB Bank Biochim (Biochim) and Hebros Bank (Hebros), as part of...
Companies mentioned in this report are: UniCredit Bulbank AD,UniCredit SpA,Zagrebacka banka dd,Bank Polska Kasa Opieki S.A.,UniCredit Leasing SpA,UniCredit Bank Ireland PLC,Unicredit Banca Mobiliare SpA,UniCredit Corporate Banking SpA,Unicredit International Bank (Luxembourg) S.A.,UniCredit Luxembourg Finance S.A.
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
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