...Support-Driven IDRs: Danske Bank (Russia)'s (DBR) ratings reflect Fitch Ratings' view that its parent, Danske Bank (Danske, A/Stable) will have a strong propensity to support the subsidiary in case of need. This follows from Danske's full ownership, the high level of operational and management integration between the banks, common branding, and the limited size of DBR, making it easy to support. Low Strategic Importance: DBR is viewed as a subsidiary of "limited importance" to Danske under Fitch's criteria, which implies a minimum two-notch differential between the Long-Term IDRs of the parent and the subsidiary. This view takes into account the latter's limited impact on the group's performance and the parent's limited focus on Russia. Country Ceiling Constrains IDRs: DBR's ratings are constrained by Russia's Country Ceiling of 'BBB', which captures transfer and convertibility risks and limits the extent to which potential support can be factored into the bank's Long-Term Foreign-Currency...
