...Positive Outlook: Fitch Ratings' revision of ProCredit Bank (Georgia)'s (PCBG) Outlook to Positive from Stable follows the same revision of the Outlook on Georgia's sovereign rating. PCBG's ratings reflect sole shareholder ProCredit Holding AG & Co. KGaA's (PCH; BBB/Stable ) strong propensity to support, given PCBG's importance to the group, full ownership, common branding, strong integration, and a record of capital and liquidity support. Country Risks Constrain Ratings: Fitch caps PCBG's ratings at one notch above the Georgian sovereign to reflect country risks and potential interventions in the banking sector. In our view, these risks could limit PCBG's ability to service its obligations or the parent's propensity to support, or both, in case of extreme macroeconomic and sovereign stress. Improved Growth Prospects: The military conflict in Ukraine and subsequent sanctions on Russia have resulted in a large positive economic shock in the form of the migration of a large number of expatriates...
