...Support-Driven IDRs: Allianz Bank Bulgaria AD's (ABB) Issuer Default Ratings (IDRs) and Shareholder Support Rating (SSR) reflect a high probability of support from the bank's ultimate parent, Allianz SE (AA-/Stable) if needed. Fitch Ratings' expectation that this probability will be unchanged underpins the Stable Outlook on ABB's Long-Term IDR. Limited Strategic Importance: While potential support for the bank would be immaterial relative to the ultimate parent's resources, the four-notch difference between Allianz's and ABB's IDRs mainly reflects our view that ABB's strategic importance to Allianz is limited. This is based on Allianz's strategic focus on the insurance and asset-management business, with ABB being its only banking subsidiary in central and eastern Europe (CEE), and ABB's marginal contribution to the broader group. Higher Short-Term IDR: ABB's `F1' Short-Term IDR is the higher of two possibilities corresponding to a Long-Term IDR of `BBB+'. This reflects the parent's solid...
