...Shareholder Support Drives IDRs: ProCredit Bank AD Skopje's (PCBNM) Issuer Default Ratings (IDRs) and Shareholder Support Rating reflect Fitch Ratings' view of potential support from its sole shareholder, ProCredit Holding AG & Co. KGaA (PCH; BBB/Stable). PCBNM is strategically important to the group and remains an important part of the group's long-standing and well-established presence in south-eastern Europe (SEE). Country Ceiling Constraint: The extent to which potential support can be factored into PCBNM's ratings is moderately constrained by North Macedonia's country risks, as reflected in its Country Ceiling. The Negative Outlook therefore reflects that on the sovereign rating. Group's Business Model Benefits: PCBNM's Viability Rating (VR) balances the risks stemming from its operations in an emerging market, the expertise of the group concentrated on the SME sector, and its sound risk appetite resulting in above-sector-average asset quality in its market. These features, complemented...
