... AD's (Expressbank) Issuer Default Ratings (IDRs) and Support Rating reflect Fitch's view of high probability that the bank would be supported, if required, by its almost 100% owner, Societe Generale (SG, A/Stable/a). Country Risks Constrain IDRs: Bulgaria's Country Ceiling constrains Expressbank's Long- Term IDR at 'BBB+'; otherwise, it could be rated within one notch of its parent. Consequently, the Positive Outlook on Expressbank reflects that on the Bulgarian sovereign rating. Strategically Important Subsidiary: Expressbank is based in central and eastern Europe, which is strategically important to SG. Its synergies with SG are also strong. In our assessment of support, we also take into consideration significant funding from SG, Expressbank's long and successful track record in supporting SG's objectives (which is likely to continue), almost full ownership by SG, and a high level of management and operational integration. The potential...
