Fitch affirmed BDB's rating at 'BBB' with positive outlook

The international rating agency Fitch Ratings has affirmed the long-term rating of the Bulgarian Development Bank following a review last month.

The bank's rating is equal to the sovereign rating and is practically the highest possible credit rating for BDB - "BBB" with a positive outlook.

According to the Fitch Ratings announcement, the rating reflects BDB's strong capital position, return to profitability and the fact that the bank is 100% owned by the Bulgarian state, which can provide support if needed. Its funding is sound, with a significant portion from the public sector or guaranteed by the state and the remainder from international development institutions.

BDB is mainly guided by its mission to develop small and medium-sized businesses, enshrined in a specific law, Fitch Ratings underlines in its reasoning. The Bulgarian Development Bank Act defines its role as the main provider of financial support to small and medium-sized enterprises, and a participant in projects with priority for the national economy.