...Support Drives Ratings: The ratings of ProCredit Bank SH.A. Kosovo (PCBK) are driven by the support it can expect to receive from its parent, ProCredit Holding AG & Co. KGaA (PCH, BBB/Stable). The support consideration includes the 100% ownership, the strategic importance of south-east Europe to PCH, strong integration within the parent and a record of capital and liquidity support. The Stable Outlook reflects that of the parent. Country Risks Constrain IDRs: The extent to which the potential parent support can be factored into PCBK's Issuer Default Ratings (IDRs) is constrained by Fitch Ratings' assessment of country risks in Kosovo. Absent of these risks support considerations would typically be reflected in a one-notch differential between the rating of PCH and that of the bank. Operating Environment Constrains VR: PCBK's Viability Rating (VR) reflects still high risks of the operating environment in which it operates. The bank's performance is therefore vulnerable to domestic market...
