...Support-Driven Ratings: Sberbank Europe AG's (SBEU) Issuer Default Ratings (IDRs) and Support Rating reflects Fitch Ratings' view that SBEU is likely to receive support from its ultimate parent, Sberbank of Russia (SBR, BBB-/Stable/bbb-), if needed. High Support Propensity: Fitch's view on the probability of support from SBR is based on SBR's commitment to support its European subsidiaries in line with its strategy of international business development, its record of providing capital and funding support, full ownership and common branding, and high reputational risks for SBR from any potential default of its subsidiaries. VR Driven by Company Profile: SBEU's Viability Rating (VR) reflects its modest franchise, legacy asset-quality problems and weak pre-impairment profitability. The VR also considers SBEU's healthy liquidity and recently improved capitalisation. Stable Asset-Quality Metrics: SBEU's headline non-performing loan (NPL, loans 90 days overdue plus other impaired loans) ratio...
