...Support Drives IDR: United Bulgarian Bank AD's (UBB) Long-Term Issuer Default Rating (IDR) and Support Rating reflect Fitch Ratings' opinion that there is an extremely high probability that the bank would be supported, if required, by KBC Bank (A/Positive/a). The support considerations include the bank's strategic importance to, and strong synergies with, the parent and a high level of management and operational integration. We believe that any required support for the bank would be immaterial relative to its parent's ability to provide it. Company Profile Strengthens: UBB's Viability Rating (VR) is underpinned by its robust funding and liquidity profile and strong capitalisation. We also factor in the bank's significant restructuring after the acquisition by KBC (2017) and merger with CIBANK (1Q18), which resulted in the moderation of UBB's risk appetite and strengthening of its company profile (particularly lending and deposit franchise), management and strategy. Weak Asset Quality Recovers:...
