...Parent Support Drives Ratings: The Issuer Default Ratings (IDRs) and Support Ratings (SRs) of the six foreign-owned Bulgarian banks reflect Fitch Ratings' view of a high probability of support, if required, from their respective parents. The ratings of the domestically owned First Investment Bank AD (FIBank) are driven by its standalone financial strength, as expressed by its Viability Rating (VR). Strategically Important Subsidiaries: ProCredit Bank (Bulgaria) EAD, Raiffeisenbank (Bulgaria) EAD, Societe Generale Expressbank AD, UniCredit Bulbank AD and United Bulgarian Bank AD (UBB) are based in central and eastern Europe (CEE), which is strategically important for their parents. We believe that Allianz Bank Bulgaria AD's strategic importance to its parent is limited, so its Long-Term IDR is four notches below that of its parent. Country Ceiling Constraint: Expressbank and UBB could be rated within one notch of their respective parents were it not for the constraint from Bulgaria's Country...
