...Support-Driven IDRs: The IDRs and Support Rating of Raiffeisenbank (Bulgaria) EAD (Raiffeisenbank) reflect Fitch Ratings' view that the bank is a strategically important subsidiary of Raiffeisen Bank International AG (RBI: BBB/Negative/bbb). Our view is driven by the importance of the Central and Eastern Europe (CEE) region for RBI, Raiffeisenbank's strong integration with the parent group and the track record of support. The Negative Outlook mirrors RBI's Outlook. Viability Rating Upgrade: The July 2015 upgrade in Raiffeisenbank's Viability Rating (VR) to 'bb-' from 'b+' reflects improvements in asset quality, and a return to operating profitability in 2014, driven by lower credit risk costs. The bank also holds sizeable capital buffers. Improving But Weak Asset Quality: The bank's individually impaired loans, plus loans past due 90 days but not impaired, fell to 13.8% of total gross loans at end-2014 from 18.7% at end- 2013. This followed gross write-offs of 6.6% in 2014, in particular...
