...Support-Driven IDRs: Fitch Ratings views ProCreditBank (Bulgaria) AD (PCB) as a strategically important subsidiary to its parent, ProCredit Holding AG & Co. KGaA (PCH; BBB/Stable). The support considerations take into account PCH's 100% ownership of PCB, the strategic importance of southeastern Europe to the group, strong subsidiary integration with the parent, and a track record of capital and liquidity support. Limited Franchise Constrains Viability Rating: PCB's small size and limited market franchise make it more vulnerable to potential adverse changes in the operating environment and limit its internal capital generation ability. Moderate Risk Appetite: PCB's moderate risk appetite, good credit metrics, robust corporate governance and developed risk management framework result from its participation in the PCH Group. At end-3Q15, PCB accounted for 13% of PCH's total group assets. Asset Quality Outperforms Sector: The bank's lower risk appetite relative to peers, due to its avoidance...
