Fitch puts ProCredit units on negative watch

Fitch Ratings said it placed the long-term issuer default ratings and support ratings of ProCredit Bank AG, ProCredit Bank Sha, ProCredit Bank AD Skopje, ProCredit Bank ad Beograd, ProCredit Bank (Georgia), ProCredit Bank SA and ProCredit Bank (Bulgaria) EAD on rating watch negative.

Furthermore, ProCredit Bank SA and ProCredit Bank (Bulgaria)’s short-term issuer default ratings were also placed on negative watch.

The viability ratings are unaffected.

The agency said the rating watch follows the similar action on parent ProCredit Holding AG & Co. KGaA (BBB/negative watch/bb-).

Fitch said the action reflects downside risk to the agency’s assessment of support for ProCredit Holding from its international financial institution shareholders.

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