...Support-Driven IDRs: The ratings of DeltaCredit Bank (DCB) are driven by potential support from its ultimate shareholder, French banking group Societe Generale (SG; A/Negative). In Fitch Ratings' view, SG's propensity to support is high, due to the strategic importance of the Russian market to the group, the relatively small size of SG's Russian business and the contagion risks for SG's central and eastern European franchise from any default of its Russian banks. DCB is fully owned by Rosbank (BBB/Negative), which is 99.4% owned by SG. Solid Standalone Profile: DCB's Viability Rating (VR) reflects its strong financial performance, resilient asset quality, healthy capitalisation, moderate growth appetite and sound management. DCB's VR also factors in significant dependence on parent funding and increased operating environment risks. Mortgage Focus: DCB was the fourth-largest mortgage lender in Russia at end-1H14, but together with Rosbank holds only a modest 4% market share in new loan origination...
