Fitch might lower ProCredit

Fitch Ratings said it placed ProCredit Holding AG & Co. KGaA's long-term issuer default rating of BBB, short-term issuer default rating of F2 and support rating of 2 on rating watch negative.

The viability rating of bb- is unaffected.

The rating watch reflects downside risk to Fitch's assessment of support for ProCredit Holding from its international financial institution (IFI) shareholders, the agency said.

This follows the recent failure of the IFI owners of Azerbaijan's AccessBank (C) to provide sufficient support to the bank to avoid it imposing losses on third-party senior creditors, Fitch said.

Two of ProCredit Holding’s core IFI shareholders, KfW and International Finance Corp., are also shareholders of AccessBank.

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