The Bulgarian agency for credit rating (BACR) in cooperation with ICRA associated partner of Moody’s awarded long-term rating of BB+ with stable perspective to Encouragement Bank. The rating is raised in comparison to the one awarded at the beginning of the year (BB with stable perspective).
This rating given as of the third quarter of 2007, takes into consideration the increased amount of the balance sheet toral, the improved quality of the loan portfolio and the financial results of the Bank. The specific activity of the Bank is also regarded in the rating process moreover the activities concentrated in long-term financing in the SMEs sector as well as the long-term borrowed funds from international financial institutions.
According to BACR, Encouragement Bank is characterized with stable resource base and securities. The increased level of capitalization of the Banks is also taken into account.
