Fitch ratings assigned BDB AD a Long-term Foreign-Currency Issuer Default Rating (IDR) of “BBB-“, a Short-term Foreign Currency IDR of “F3”, Individual Rating “D”, Support Rating “2” and a Support Rating Floor of “BBB-“. The Outlook for the Long-Term IDR is Negative. The credit rating is investment grade rating.
The assigned rating is motivated by the extremely high level of capitalization - (end-2009: tier 1 regulatory capital ratio of 84.7%), adequate level of profitability, low risk in attracting funds for financing of the bank’s operations and a support on behalf of the shareholder – the Ministry of Finance. The analysis of the rating agency is focused on the role of BDB defined by a special law regarding the SMEs sector.
This is the first time BDB receives a credit rating assigned by an international rating agency. The international rating will help the bank to attract external funding for financing Bulgarian SMEs, said Mr. Todor Vanev – procurator of BDB.
The last assigned credit rating of the bank was „BBB-“ with stable outlook issued by The Bulgarian Credit Rating Agency (BCRA).
