Fitch rates ProCredit Bank Serbia note BB-

Fitch Ratings said it assigned an expected BB- long-term rating to ProCredit Finance BV's upcoming €125 million loan participation notes due 2012, which will be issued for the sole purpose of financing a loan to ProCredit Bank AD (Serbia). The terms and conditions of the notes specify that they will rank at least equally with the claims of other senior unsecured creditors of ProCredit Bank Serbia, save those preferred by relevant laws.

The outlook is stable

ProCredit Bank Serbia's BB- foreign-currency issuer default rating, B short-term rating and 3 support rating are based on Fitch's view of the moderate potential support the bank is likely to receive from its owners, in particular, ProCredit Holding AG, in case of need.

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