...Support Drives IDRs: Expressbank AD's Issuer Default Ratings (IDRs) and Support Rating reflect Fitch Ratings' view of a moderate probability that the bank w ould be supported, if required, by its ultimate parent, Hungary's OTP Bank plc (OTP). The Stable Outlook on the bank's Long-Term IDR reflects our view that risks related to OTP's credit profile are balanced. Strategically Im portant Subsidiary: In our assessment of support from OTP, w e take into consideration the strategic importance of Bulgaria for OTP and reputational damage for OTP from a potential default of its subsidiary. We believe that any required support w ould be manageable relative to OTP's ability to provide it. In mid-January 2019, Societe Generale S.A. (A/Stable) sold Expressbank to DSK (OTP's Bulgarian subsidiary). Moderately Strong Standalone Strength: The challenging domestic operating environment has w eighed on the through-the-cycle performance of Bulgarian banks. As a result, the V iability Rating (VR) of Expressbank...
