...Support Drives Ratings: ProCredit Bank AD Skopje's (PCB Macedonia) Issuer Default Ratings (IDRs) are underpinned by the likelihood of support from its parent, ProCredit Holding AG & Co. KGaA (PCH, BBB/Stable). Support considerations include the strategic importance of south-east Europe to PCH and the negative implications of the subsidiary default for the group. Country Ceiling Constraint: The extent to which support can be factored into PCB Macedonia's ratings is constrained by Macedonia's Country Ceiling of `BB+'. Absent of this, Fitch Ratings would be likely to maintain a one-notch differential between the ratings of the bank and PCH. The Negative Outlook reflects that on the sovereign. Operating Environment Affects VR: PCB Macedonia's Viability Rating (VR) reflects the risk from the bank's operating environment, which makes its performance vulnerable to domestic markets shocks that cannot be fully mitigated by the group's conservative risk-management policies. Stable Performance Supports...
