...Support Drives IDR: Allianz Bank Bulgaria AD's (ABB) Issuer Default Rating (IDR) reflects Fitch Ratings' opinion that there is a high probability the bank w ould be supported, if required, by Allianz SE (AA-/Stable), its ultimate majority ow ner. Our opinion considers Allianz's strong credit risk profile, the bank's small size and ABB's limited strategic importance to Allianz. This is driven by the parent's focus on the insurance business and its marginal contribution to Allianz's insurance and asset management business. Sm all Franchise Lim its VR: ABB's Viability Rating (VR) is constrained by its overall modest market franchise. Its competitive advantages are limited due to its small size, but its deposit franchise is strong, supported by a developed offer of Allianz's pension and asset management products. ABB's systemic importance is low , reflecting a modest around 2% market share. Asset Quality Im proves : ABB's impaired loans ratio improved to 8.5% at end-2018 and remained below...
