Fitch Affirms Bulgaria's Postbank Rating at 'A-', Outlook Negative

“In determining the current rating of Postbank, Fitch’s analysts have taken into account the fact that in addition to its stable financial performance Postbank can rely on solid backing from its major shareholder EFG Eurobank Ergasias whose rating remains steady at A/Stable,” the Bulgarian bank said in a statement.

Fitch Ratings has affirmed Postbank’s short-term IDR at 'F2', Individual 'C/D' and Support '1', the bank added.

Postbank’s outlook was changed to negative in February 2008 together with the change of Bulgaria’s sovereign outlook.

The bank, set up in 2007 from the merger of DZI Bank into Bulgarian Post Bank, was Bulgaria's fifth largest by assets at end-June 2008.

The country has 24 locally-registered banks and branches of six foreign banks.