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Fitch Confirms BBB- Rating of Bulgarian Development Bank
Date: 01/12/2010

International credit rating agency Fitch has confirmed the long-term foreign-currency rating of the Bulgarian Development Bank at BBB-.

The rating of the bank is the same with that of the Bulgarian government. It remains with a negative perspective.

Fitch Ratings has also confirmed the short-term foreign currency rating and the individual rating of the Bulgarian development bank.

According to a statement of the Bulgarian Finance Ministry, "the confirmed ratings by Fitch reflect the high level of capitalization of the bank and the support on part of the shareholder, the Ministry of Finance."

The Bulgarian Development Bank, which formally set up in the fall of 2008 to provide loans to commercial banks in order to support small and medium-sized businesses, got its first ratings from an international agency in March 2010.

The BDB also has a rating of BBB- with a stable perspective from the Bulgarian Credit Rating Agency.

Topic: Financial

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