...Support Drives Ratings: ProCredit Bank (Bulgaria) EAD's (PCB Bulgaria) Issuer Default Ratings (IDRs) and Support Rating are driven by the high probability of support it can expect to receive form its 100% owner, ProCredit Holding AG & Co. KGaA (PCH, BBB/Stable). The Stable Outlook mirrors that on PCH. Strategically Important Subsidiary: Fitch Ratings views positively the strategic importance of Bulgaria and more broadly south-eastern Europe to the group, and the bank's role in and contribution to the group's performance. The high reputational risks that would arise from PCB Bulgaria's default provide a strong incentive for the parent to provide support. Fitch believes any support for PCB Bulgaria would be considerable for the parent as PCB Bulgaria accounted for a high 17% of PCH's total assets at end-2017. Modest Franchise Constrains VR: PCB Bulgaria's small franchise and size (2% of sector assets at end-2017) constrains its Viability Rating (VR), despite the bank's established position...
