...Support Drives Ratings: UniCredit Bulbank AD's (Bulbank) Long-Term Issuer Default Rating (IDR) and Support Rating reflect Fitch Ratings' 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. Strategically Important Subsidiary: Bulbank is based in central and eastern European (CEE), which is a strategically important region for UniCredit. The bank's synergies with its parent are strong and reflect a high level of management and operational integration. Support for Bulbank is underpinned by a long record in supporting its parent's objectives, which is likely to continue. Our assessment of support also considers the almost full ownership of Bulbank and the high reputational risk to the parent in case of its default. Strong Standalone Credit Profile: Bulbank's Viability Rating (VR) is underpinned by its robust capitalisation, solid profitability through...
