... AD's (SGE) IDRs and Support Rating reflect Fitch Ratings' view that there is a high probability that SGE would be supported, if required, by its 99.7% owner, Societe Generale (SG; A/Stable). This is primarily based on the strategic importance of SGE and the wider central and eastern Europe region for SG, reinforced by the past track record of significant funding provision to SGE and strong operational integration between the two banks. Country Ceiling Constrains IDRs: SGE's Long-Term IDR is constrained by Bulgaria's Country Ceiling (BBB+) and its Stable Outlook mirrors that on the sovereign. Fitch would rate SGE one notch below SG if country risks allowed. Medium-Sized Bank: SGE's Viability Rating (VR) reflects its medium size, conservative risk management, above-sector-average asset quality and adequate capitalisation. The VR also reflects the bank's stable deposit-based funding and sizeable liquidity buffers. Asset Quality Above Average:...
