Fitch affirms ProCredit Bank

Fitch Ratings said it affirmed ProCredit Bank (Bulgaria)s long-term foreign-currency and local-currency issuer default ratings at BB+. The agency also affirmed the bank's short-term foreign- and local-currency issuer default rating at B.

The outlook is stable.

The ratings reflect a view of the potential support that would be forthcoming from the bank's 80% owner, ProCredit Holding AG, in case of need, Fitch said.

The ratings also consider pressure on financial performance from high loan impairment charges, which accounted for 76% of pre-impairment operating profit in the first quarter of 2010, the agency said.

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