...Support Drives IDRs : United Bulgarian Bank AD's (UBB) Issuer Default Ratings (IDRs) reflect Fitch Ratings' view of an extremely high probability it w ould be supported, if required, by its parent, KBC Bank (A+/Stable/a). This is driven by the strategic importance of central and eastern Europe to KBC, UBB's synergies w ith the parent and a high level of integration w ith KBC. We also consider the almost full ow nership of UBB by KBC and the potentially high reputational risk to the parent if the bank defaults. Strengthened Credit Profile: UBB's Viability Rating (VR) of `bb' is underpinned by its robust funding and liquidity profile, strong capitalisation and restructuring of its legacy impaired loans follow ing the acquisition by KBC and merger w ith CIBank. We also consider UBB's moderate risk appetite, improved company profile, management and strategy since KBC's acquisition. Capitalisation a Rating Strength: The bank's capitalisation reflects its high Fitch Core Capital ratio, moderate...
