...Support-Driven IDRs: Allianz Bank Bulgaria AD's Long-Term Issuer Default Rating (IDR) and Support Rating reflect Fitch's opinion that there is a high probability that the bank would be supported, if required, by Allianz SE (AA-/Stable), its ultimate majority owner. Our opinion considers Allianz's strong credit risk profile and the Bulgarian subsidiary's relative small size. The Stable Outlook on the IDR mirrors that on the parent. Limited Strategic Importance: Allianz is focused on the insurance business, with the Bulgarian bank its only banking subsidiary in central and eastern Europe, making a marginal contribution to Allianz group's profits. In our view, Allianz's commitment to its Bulgarian subsidiary depends on the latter's contribution to Allianz's insurance and asset management business and its financial self-sustainability. Consequently, Allianz Bank's Long-Term IDR is four notches below that of its parent. Small Franchise Constrains VR: The bank's Viability Rating (VR) reflects...
