Global rating agency Fitch yesterday downgraded Greek-owned United Bulgarian Bank (UBB) and Postbank to reflect the lower ratings on the National Bank of Greece and EFG Eurobank Ergasias. But Bulgarian banking experts were quick to calm concerns the rating action could prompt an increase in interest rates on the local market. Fitch lowered its long-term issuer default rating (IDR) on Postbank from BBB+ to BBB, with a “negative” outlook, and its short-term credit rating from F2 to F3. The lender’s individual rating was affirmed at D. Asen Yagodin, CEO of Postbank underscored that the rating action has nothing to do with the shape of either Bulgarian or Greek banks. Fitch also downgraded its long-term counterparty credit rating on UBB from BBB+ to BBB, with a “stable” outlook. The bank’s CEO Stiliyan Vatev assured there would be no grim consequences from the rating action and quashed speculations the cost of resources is going up. Meanwhile, Momchil Andreev, executive director of Raiffeisenbank, told Bloomberg in an interview that a possible Greek crisis would not exert a major impact on the Bulgarian banking sector but forecast deposit interest rates might inch up as Greek banks will be looking to attract more resources from their local units to offset the higher borrowing cost at home.