Fitch drops ProCredit loan

Fitch Ratings said it downgraded ProCredit Co. BV's €80,540,451 note facility to BB from BBB- and removed it from rating watch negative.

The agency said it has simultaneously assigned a negative outlook and loss severity rating of LS-1 to the rating.

The downgrade is the result of increasing arrears and defaults levels amid difficult economic conditions in Bulgaria. The negative outlook reflects the deteriorating portfolio quality as well as the negative outlook on Bulgaria's issuer default rating at BBB-, Fitch said.

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