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Fitch upgrades Serbia-based ProCredit Bank ad Beograd

Fitch Ratings on Oct. 4 upgraded ProCredit Bank a.d. Beograd's long- and short-term foreign- and local-currency issuer default ratings to BBB-/F3 from BB+/B, with a stable outlook on the long-term ratings.

The rating agency also upgraded the Serbian bank's support rating to 2 from 3.

The upgrades reflect the high probability of support for the bank from its German parent ProCredit Holding AG & Co. KGaA in case of need, given the strong integration of the unit into the group as well as the parent's established history of providing funding and liquidity support.