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Fitch cuts ProCredit Bank ad Skopje to BB+
Fitch Ratings said it downgraded ProCredit Bank ad Skopje (Macedonia)’s long-term foreign and local currency issuer default ratings to BB+ from BBB-.
The outlook is negative.
The agency also downgraded the short-term foreign and local currency issuer default ratings to B from F3 and the support rating to 3 from 2.
The viability rating was affirmed at bb-.
Fitch said it downgraded the issuer default ratings following the Aug. 19 downgrade of Macedonia's sovereign ratings as they are capped at one notch above the sovereign's. The negative outlook reflects that of the sovereign.
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