...Support-Driven IDRs: The IDRs and Support Rating of Europejski Fundusz Leasingowy S.A. (EFL) reflect Fitch Ratings' view that there is an extremely high probability of support from Credit Agricole (CA, A/Stable), EFL's sole ultimate owner. This is based on CA's commitment to the Polish market, its significant funding provision to EFL, and the potential reputational damage from a subsidiary default. Fitch views EFL as having moderate strategic importance to CA due to its relatively small profits and CA's limited presence in central and eastern Europe (CEE). The Stable Outlooks on EFL's Long-Term IDR and National Long-Term Rating reflect that on CA. The shares in EFL are directly held by CA's 100% subsidiary, Credit Agricole S.A. (CASA, A/Stable). CA Committed to Poland: CA's commitment to the Polish market has been shown by its long- term ownership of EFL and increased investments in its Polish bank subsidiary, Credit Agricole Bank Polska (CAB). EFL plays a vital role in CAB's expansion...
