Bring Back The Cane - Bulgarian Banks Could Do Better

This just sound like being back in school where the banks that have been downgraded need a little detention and perhaps the cane! The report should read – “Could do better”. Banks in Bulgaria are notoriously bad which is why thousands of Bulgarian don’t use them reverting to a cash in hand system that works very well thank you. Time will however overtake this form of dealing, unfortunately. My own experience of banks is that the customer service is very poor, indeed bank customers are an inconvenience to the staff there.

Global agency Standard & Poor’s has lowered the credit ratings of two Bulgarian banks, Reuters reported.

The agency lowered the long-term rating of Municipal Bank to "B+" from "BB-" with a stable outlook.

The rating on Bulgarian American Credit Bank (BACB) was cut to "BB-" from "BB+" with a negative outlook.

The rating action was prompted by the deteriorating economic environment that is affecting asset quality and sucking out liquidity from the banking sector.

It reflects the higher economic risk and the agency’s growing concerns about its unfavourable impact on the Bulgarian banking sector.

Source: www.sofiaecho.com