...Support-Driven IDRs: UniCredit Bulbank AD's (Bulbank) Long-Term Issuer Default Rating (IDR) and Support Rating reflect Fitch's opinion of the high probability that the bank would be supported, if required, by UniCredit S.p.A. (BBB/Stable), its 99.5% shareholder. The Stable Outlook on Bulbank reflects that on UniCredit. Strategic Importance for UniCredit: Bulbank is based in central and eastern Europe, which is strategically important for UniCredit. The bank's synergies with its parent are strong and underpinned by a long track record of supporting the parent's objectives, which is likely to continue. Management and operational integration between the bank and UniCredit is high. Any required support for Bulbank should be small relative to UniCredit's ability to provide it. This reflects UniCredit's solid credit profile and Bulbank's small size relative to its parent. Operating Environment Constrains VR: Bulbank's Viability Rating (VR) is constrained by the challenging Bulgarian operating...
