...Parent Support, Standalone Strength: The Issuer Default Ratings (IDRs) and Support Ratings (SR) of United Bulgarian Bank AD (UBB) and UniCredit Bulbank AD reflect Fitch Ratings' opinion that there is an extremely high probability of support for UBB, if needed, and high probability for Bulbank. The banks would be supported by KBC Bank (A/Positive/a) and UniCredit S.p.A. (BBB/Negative/bbb), respectively. First Investment Bank AD's (FIBank) ratings are driven by its standalone strength, expressed in its Viability Rating (VR). Mostly Stable Outlooks: The Stable Outlooks on UBB's and FIBank's Long-Term IDRs reflect, respectively, that of UBB's parent and FIBank's own stable intrinsic creditworthiness. The Negative Outlook on Bulbank's Long-Term IDR reflects that of its parent. 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...
