Fitch affirms ProCredit

Fitch Ratings said it affirmed ProCredit Holding AG's long-term foreign-currency issuer default rating at BBB- and viability rating at BB-.

The outlook is stable.

The ratings reflect the support the company could expect to receive from its owners, and in particular from a group of international financial institutions due to the group's specialized developmental focus, Fitch said.

The ratings also consider the challenging operating environment in several of the group's countries of operation and the ensuing deterioration in the group's asset quality ratios and performance in 2009 and 2010, the agency said.

This is balanced by asset quality ratios, which have nevertheless remained reasonable throughout the global economic crisis and are often better than the average in each country, Fitch said.

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