...Parent Support, Strategic Subsidiaries: The Issuer Default Ratings (IDRs) and Support Ratings of UniCredit Bulbank AD, United Bulgarian Bank AD (UBB), Raiffeisenbank Bulgaria AD, Expressbank AD, Allianz Bank Bulgaria AD (ABB) and ProCredit Bank (Bulgaria) EAD (PCBB) reflect Fitch Ratings' view of the varying degree of support probability from their parents. Operating Environment Affects VRs: Bulgaria's challenging operating environment drags on the banks' standalone profiles. This is reflected in their less stable business models, weaker asset quality and more volatile performance through the economic cycle than in stronger central and eastern European (CEE) markets such as the Czech Republic or Poland. Bulgaria plans to enter the Exchange Rate Mechanism (ERM II) and Banking Union, which should strengthen supervision of banks and may drive improvement in the operating environment for banks in the medium term. Best VRs in Bulgaria: Bulbank and Raiffeisenbank's Viability Ratings (VRs) of...
