Fitch changes ProCredit Bank Macedonia to negative

Fitch Ratings said it revised ProCredit Bank (Macedonia)'s outlook to negative from stable.

At the same time, the agency affirmed the bank's ratings at long- and short-term foreign and local currency issuer default ratings at BBB-/F3 and support rating at 2. The b+ viability rating was not affected.

The action follows Fitch's Aug. 21 revision of the outlook on the Macedonian sovereign rating.

The negative outlook reflects that on Macedonia's long-term foreign and local currency issuer default ratings. ProCredit’s ProCredit are currently at the level of Macedonia's country ceiling, based on Fitch's view of strong support – if needed – from its German-based parent.

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