Fitch affirms Serbia's ProCredit

Fitch Ratings said it affirmed ProCredit bank in Serbia with a long-term foreign-currency issuer default rating at BB-, short-term foreign-currency issuer default rating at B, long-term local-currency issuer default rating at BB, short-term local-currency issuer default rating at B, individual rating D/E and support rating 3.

The outlook is stable.

According to Fitch, the issuer default ratings and support rating reflect the potential support from owners but are constrained by the BB- country ceiling of Serbia.

The individual rating reflect the bank's small size and difficult operating environment as well as rising credit and potential risk from rapid growth, the agency said.

The ratings also consider the growing franchise and scale, good asset quality and centralized control and risk management by ProCredit Holdings AG and the bank's high degree of integration in the ProCredit group, Fitch said.

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