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Public relations section
Fitch Ratings assigned 'ВВВ+' Long-term foreign currency Issuer Default Ratings (IDR) to Raiffeisenbank (Bulgaria) EAD with negative outlook. The assigned rating is the highest possible rating for a financial institution equal to the country ceiling of 'ВВВ+'. The negative outlook reflects the negative outlook of the sole owner of the bank – Raiffeisen Bank International AG (RBI) (Long-term foreign currency IDR: A/Negative).
Raiffeisenbank's IDR is based on Fitch's view that the bank is a strategically important subsidiary of its 100% owner RBI and that there is a high probability that Raiffeisenbank would be supported by RBI , if needed.
The Rating considers the strong funding profile, capital position and comfortable liquidity buffers supported by the positive effect of the transfer of know-how and policies from RBI in the Risk Management operations. On the other hand, Fitch considers, that Raiffeisenbank has a low reliance on funding from the parent company.
This is the first rating assigned to Raiffeisenbank by Fitch and the second by an International Rating Agency.