Fitch Ratings has upgraded the long-term credit rating of the Bulgarian Development Bank (BDB) from BBB to BBB+, assigning it a stable outlook. The new rating aligns with Bulgaria’s sovereign rating, reflecting the agency’s confidence in the country’s fiscal stability following its decision to adopt the euro. The move signals strengthened trust in both the national economy and the financial soundness of the state-owned bank.
The bank’s short-term issuer rating has also been raised – from F2 to F1 – along with an improved assessment of the level of expected government support. The changes reflect Fitch’s assessment of the bank’s strategic importance and strong institutional backing.
According to Fitch, BDB holds a key position in advancing state policy, especially in promoting economic growth. Much of its funding originates from public sources and international financial institutions, which further underscores its reliability and reinforces its role as a central partner in development initiatives.
Delyana Ivanova, Chairwoman of BDB’s Supervisory Board, welcomed the upgrade as recognition of the institution’s continued progress.
“This rating reflects the bank’s consistent work to position itself as a stable, long-term engine for implementing government policy,” she said.
BDB is a credit institution entirely owned by the Bulgarian state. Under its current strategy, it focuses on sustainable investments and supports small and medium-sized enterprises, the public sector and initiatives tied to national priorities. The upgraded rating is seen as validation of the bank’s evolving role in supporting Bulgaria’s economic agenda. (Novinite)