...Support-Driven IDRs: The IDRs and Support Rating of ProCredit Holding AG & Co. KGaA (PCH) reflect the support that Fitch Ratings believes it could expect to receive, if needed, from its "core" international financial institutional (IFI) shareholders. This view is based on the shareholders' proven track record as founding shareholders and their long-term commitment to the group given its focus on SME lending and retail savers in emerging countries, which is in keeping with the shareholders' own development mandates. Exposure to High-Risk Markets: PCH's Viability Rating (VR) is driven by its exposure to volatile markets and the ensuing credit and operational risks in its lending operations, particularly given its focus on lending to small businesses. These risks are mitigated by diversification across markets and operations, which, together with the group's strong management and robust risk management framework, has supported a track record of satisfactory performance and asset quality through...
