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Fitch upgrades ProCredit Bank
Fitch Ratings said it upgraded ProCredit Bank ad Beograd's long-term foreign-currency issuer default rating to BB+ from BB-.
The agency also said it upgraded the bank's long-term local-currency issuer default rating to BB+ from BB.
The outlook is stable.
The bank's viability rating is unaffected by this action, Fitch said.
The upgrades follow a similar rating action on Serbia, which resulted in an upgrade of its country ceiling to BB+ from BB-, the agency said.
The bank's ratings are driven by the support the bank may receive from ProCredit Holding AG&Co. KGaA, its 100% owner, Fitch said.
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