...Support-Driven IDRs: The Issuer Default Ratings (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. Fitch's view of support for PCH is based on the strategic role of its core shareholders within the group's ownership structure, a record of support, and the success of PCH in fulfilling its mission of responsible banking to small businesses in emerging markets. Exposure to Emerging Markets: PCH's `bb-' Viability Rating (VR) reflects the group's exposure to difficult emerging-market environments, and the credit risks inherent in SME lending. Fitch believes that PCH's exit from certain countries in 2015 will have a minimal effect on the group's profile. Strong Governance, Solid Management: The group has built a track record of strong asset quality and resilient if modest performance through the cycle, driven by strong...
