Fitch Ratings has affirmed Allianz Bank Bulgaria's Long Term Issuer Default Ratings (IDRs) at BBB+ with a stable outlook.
In addition, Fitch upgraded the bank's Viability Rating (VR) to 'bb' from 'bb-'. The increase is a result of the improved operating environment for Bulgarian banks, which supports Allianz Bank's business profile and the medium-term outlook for a prudent financial profile.
The rating agency notes that Allianz Bank is characterized by adequate capitalization, consistent with a conservative risk management and sound liquidity, which makes the bank's financial profile sustainable. The Bank's assessment reflects the improved asset quality resulting from the portfolio optimization.
Fitch's opinion is also based on the fact that Allianz Bank is part of one of the largest financial groups in the world - Allianz SE (AA- credit rating and stable outlook) and has a potential support from its majority owner.