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Fitch Agency has increased the credit rating of UBB to 'A' with Outlook Stable
15 July 2025
The international rating agency Fitch Ratings has increased the Long-Term Issuer Default Rating – IDR - of UBB from 'A-' to 'A' with Outlook Stable. The new assessment of the credit rating agency is being made a couple of days after it has increased the long-term sovereign rating of Bulgaria to 'BBB+'. The long-term rating of UBB is two notches above that of Bulgaria and is the highest such rating of a private institution in this country.
It reflects the expectations of the Fitch Agency that the bank would likely be capable to continue servicing its obligations in case of a sovereign default, and that the Bulgaria's sovereign is unlikely to impose material restrictions on the bank's debt service capacity.
„The increase in UBB’s credit rating is quite natural and anticipated. We as a banking institution have long ago complied with all requirements to have such a rating awarded. Of course, we had to wait for the increase of the sovereign debt rating of Bulgaria, and I believe that this increase is one of the long-awaited benefits for this country, triggered by the decision for adopting the euro as an official currency with effect from 01.01.2026. Of course, the high assessment and the leadership position of UBB in this regard do not diminish , but on the contrary – further enhance our responsibility and commitment to our customers and to the entire society and we are fully ready and work on a daily basis for meeting these high expectations.“, commented Christof De Mil, Chief Executive Officer of UBB and Country Manager of KBC Group for Bulgaria.
Additionally, Fitch has increased the Bank’s Shareholder Support Rating (SSR) from ‘a-’ to ‘a‘. The increase corresponds to the Fitch Agency’s assessment of UBB’s strategic role in the KBC Group portfolio and the understanding that the Group is going to support its EU-based subsidiary, should need arise. This is the second assessment that UBB obtains within the recent months, as in May Fitch affirmed the Bank’s previous rating, while retaining it at two notches above the sovereign debt rating of Bulgaria, in anticipation of the reports and of the European institutions’ decision on this country’s accession to the Eurozone.
