...Support-Driven Ratings: Sberbank Europe AG's (SBEU) ratings reflect Fitch Ratings' view of the moderate probability of SBEU receiving support from its parent, Sberbank of Russia (SBR, BBB-/Positive/bbb-), if needed. The Positive Outlook on SBEU mirrors that on the parent. High Support Propensity: Fitch's view on the probability of support for SBEU is based on: the strategic commitment of SBR to support its European subsidiaries; a strong track record of SBR providing capital and liquidity support to date; full ownership and common branding; the high level of managerial and operational integration between the parent and the subsidiary; the high reputational risks for SBR from any potential default of its subsidiaries; and SBEU's small size relative to the parent, limiting the cost of any potential support. Franchise Limitations: SBEU is a group of eight banks headquartered in Austria but located and heavily exposed to SME and retail lending in central and south east Europe. SBEU's modest...
