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Fitch removes 8 ProCredit Holding units from Rating Watch Negative

Fitch Ratings on Oct. 8 affirmed the long-term issuer default and support ratings of eight ProCredit Holding AG & Co. KGaA units and removed them from Rating Watch Negative, where they were placed Sept. 12.

Specifically, Germany-based ProCredit Bank AG's BBB/F2 long- and short-term foreign-currency issuer default and long- and short-term deposit ratings were affirmed and removed from Rating Watch Negative. The outlook on the long-term issuer default rating is stable.

The rating agency affirmed the long- and short-term foreign- and local-currency issuer default ratings of Macedonia-based ProCredit Bank AD Skopje and Serbia-based ProCredit Bank a.d. Belgrade at BB+/B; those of Albania-based ProCredit Bank sh.a. and JSC ProCredit Bank Georgia at BB-/B and BB/B, respectively; and those of ProCredit Bank Romania SA and ProCredit Bank (Bulgaria) EAD at BBB-/F3. The BB/B long- and short-term foreign-currency issuer default ratings of ProCredit Bank sh.a. Kosovo were also affirmed.

The long-term issuer default ratings of ProCredit Holding's units in Albania, Kosovo, Macedonia, Serbia, Georgia, Romania and Bulgaria were removed from Rating Watch Negative, as were the short-term issuer default ratings of the Romanian and Bulgarian subsidiaries. The outlooks on the long-term issuer default ratings of the Macedonian and Georgian units are positive, while the outlooks on the long-term issuer default ratings of the units in Albania, Kosovo, Serbia, Romania and Bulgaria are stable.

The support ratings of the Albanian, Kosovan, Macedonian, Serbian and Georgian units were affirmed at 3, while those of the German, Romanian and Bulgarian subsidiaries were affirmed at 2. All of them were also removed from Rating Watch Negative.

Fitch said the affirmations and resolutions of the Rating Watch Negative reflect a recent similar action on parent ProCredit Holding. All the lenders' viability ratings were unaffected by the rating actions, Fitch noted.