...Support Drives Ratings: Allianz Bank Bulgaria AD's (ABB) Long-Term Issuer Default Rating (IDR) and Support Rating reflect Fitch Ratings' 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 small size. The Stable Outlook on the IDR mirrors that on the parent. Limited Strategic Importance: Allianz focuses on insurance, and ABB is its only banking subsidiary in central and eastern Europe (CEE), making a marginal contribution to the 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, ABB's Long-Term IDR is four notches below that of its parent. Small Franchise Constrains VR: ABB's Viability Rating (VR) reflects its small market franchise,...
