Standard & Poor's rating agency raised its long-term counterparty credit and certificate of deposit ratings on United Bulgarian Bank (UBB) to "BB+" from "BB", outlook stable.
The agency also upgraded its long- and short-term counterparty credit and certificate of deposit ratings on Bulgaria-based Bulbank A to "BBB-/A-3" from "BB+/B", outlook stable.
"The rating actions reflect the strong benefits that both Bulbank and UBB derive from their restructuring and modernization programs supported by their foreign strategic investors," reads a statement of Standard & Poor's credit analyst John Gibling.
"The ratings also reflect the continuing improvements in the Bulgarian economic environment with its high growth potential supported by strong competitiveness and political commitment to prudent macroeconomic policies."
At the end of June Standard & Poor's raised the foreign and local currency sovereign credit ratings on Bulgaria to "BBB-/Stable/A-3" and "BBB/Stable/A-3" respectively.