The credit rating of Doverie was upgraded from BBB + to A - (outlook stable)

On the basis of the current assessment of PAC Doverie and the pension funds managed by the company, the Bulgarian Credit Rating Agency (BCRA) has upgraded the credit rating of Doverie Pension Fund from BBB+ to A - (outlook stable) and has maintained the credit rating A - for the UPF, PPF and VPF Doverie. The credit agency's report points out the following strengths of the company, which are the basis for the upgraded rating.

 
The trend of increase of the number of insured (7.3% for the period 06.2005 – 06.2006) and the net assets (33.1% for the same period) is preserved. The net number of people transferred to and from the Company's funds decreased significantly from -8,231 in the first half of 2005 to -1881 in the first six months of 2006. PAC Doverie retained its leading market position with 37.75% market share as of 30.06.2006 in terms of number of insured persons and significantly limited the rate of decline of the market fund in compulsory funds. At the same time, thanks to the active marketing policy with regard to the newly insured persons in the UPF and PPF, the number of persons entering the compulsory funds from the ex officio allocation increased significantly. There has been an increase in the company's revenues, and the company maintains a very strong competitive position in terms of economies of scale realised, overall contractual strength, implementation of information systems, quality and scope of the network of insurance intermediaries, additional services offered to insured persons, etc. The Company is expanding the territorial scope of its activities and, in terms of risk, management is maintaining its conservative approach to managing the funds' investments and aggressive approach as far as maintaining the market share of the management company is concerned. Along with this, the overall assessment of the management of the company remains good based on the management's clear vision for the future development of the company, the organizational structure, the operational practices and procedures applied in the company. The BCRA's main conclusion is that during the forecast period 2006-2012 PAC Doverie will keep its fundamentally strong position on the Bulgarian marker, will continue realizing economies of scale and will increase the operational and net profit. 

 
PAC Doverie and the pension funds managed by the company received a credit rating at the end of 2004. It was awarded by the Bulgarian Credit Rating Agency (BCRA) and ICRA. In accordance with the rating rules and the contract concluded, the credit agency constantly monitors the activities of PAC Doverie and every six months prepares an analysis of the activities on the basis of which it confirms, downgrades or upgrades the rating.

 
BCRA is the leader in the rating industry in the country, having awarded 27 ratings to leading Bulgarian companies and municipalities, and is currently ahead of the international agencies - Fitch, S&P and Moody's - on this indicator as well. BCRA is the first and only Bulgarian rating agency, which is recognized by the Financial Supervision Commission for the purpose of article 75, paragraph 2 of the Code on Insurance after covering the eligibility criteria defined in the European Directives 2000/12/ EU and 963/6/EU.

 
Presently, PAC Doverie continues to be the only pension insurance company in the country that voluntarily undergoes this additional external audit and an ongoing credit rating awarding and maintenance procedure, including for the managed pension funds.