...Support-Driven IDR: UniCredit Bulbank AD's Issuer Default Rating reflect a high probability of support, if needed, from its parent, UniCredit S.p.A. (BBB/Negative). Bulbank is based in central and eastern Europe (CEE), which is an 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 also underpinned by a long record of supporting its parent's objectives, which is likely to continue. The Negative Outlook reflects that on the parent. Strong Credit Profile: Bulbank's Viability Rating of `bb+' is one notch above Fitch Ratings' assessment of Bulgaria's operating environment and is underpinned by its robust capitalisation and solid profitability through the cycle. The Viability Rating reflects stable funding, comfortable liquidity, the bank's leading domestic market franchise and substantial resolution of legacy bad debts to normalised levels. Bulbank is one of the two largest...
