Fitch Ratings has affirmed UniCredit Bulbank's long-term rating at 'A-' with a stable outlook, the bank said.

Fitch raised the bank's stand-alone credit rating from 'bb+' to 'bbb-'.

Fitch says it upgraded the rating because it now takes a better view of the environment for banks in Bulgaria and of UniCredit Bulbank's position in the market, especially among corporate clients. It also sees room for growth as Bulgaria joins the eurozone.

Central and Eastern Europe remains a strategic region for the UniCredit Group, Fitch adds. It says the bank's steady results and its leading place in the Bulgarian market support the group's long-term goals.