Moody's praises Bulgarian banking system's competitiveness
Moody's has commented in a special report that Bulgaria's banking system is concentrated and competitive, according to a media statement on the Finance Ministry's website on January 13 2011.
According to Moody's, risk management processes in Bulgaria have improved and regulatory and supervisory frameworks are in place and constantly evolving, which is in accordance with the regulations and standards of the European Union.
Moody's also took note of the strong competition on the domestic financial market, evaluating positively the participation of international financial entities in the sector.
According to Moody's calculations, about 82 per cent of the combined assets of Bulgaria's banking industry are controlled by foreign investors, with almost all of the them being private, providing for more adequate risk management and franchise development through better service and new products.
The agency also considers that the banking system has sustained its flexibility and boasts solid capital buffers. In addition, the country's regulatory system is deemed adequate, enjoying a sound level of supervision exercised by the banking regulator, the Bulgarian National Bank (BNB).
Moody's confirmed Bulgaria's credit rating at Ваа3 with a "positive" outlook in late 2010.
Text source: sofiaecho.com
Photo: Krassimir Yuskesseliev
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