...IDRs Driven by Parent Support: The Issuer Default Ratings (IDRs) and Support Ratings of ProCredit Bank Sh.a. (PCBA) reflect the likelihood of support from its parent, ProCredit Holding AG & Co. KGaA (PCH, BBB/Stable), based on its 100% ownership, the strategic importance of south-eastern Europe to PCH, strong integration within the parent group and a record of capital and liquidity support. Country Risk Constrains Rating: The extent to which support can been factored into the ratings is constrained by Fitch Ratings' assessment of the risk relating to the Albanian sovereign. Absent of country risk considerations, support would be reflected in a one-notch differential between the rating of PCH and that of PCBA. Operating Environment Drives VR: PCBA's Viability Rating (VR) reflects the high risks from the operating environment, making performance vulnerable to domestic market shocks, which cannot be fully mitigated by the application of the PCH Group's conservative risk-management policies....
