SOFIA BANK WITH POSITIVE RATING

Business | May 21, 2001, Monday // 00:00

The international rating agency Standart&Poors has extended positive rating to Bulgarian Municipal Bank (MB). Currently MB avails of B + rating, which matches the rating of two large Bulgarian banks: United Bulgarian Bank (UBB) and Bulbank. The rating signals that the bank has fine performance and is doing better than the municipal banks in Moscow and Ankara, Luybomir Pavlov, chair of MB Supervisory Board, said. Municipal Bank has extended Bulgarian levs (BGN) 50 million in credits and has guaranteed BGN 17 million plus in loans. Sofia Municipality, which is owner of the bank, issued first in Bulgaria Eurobonds back in 1999. The issue was sold immediately.

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