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Fitch upgrades Serbia-based ProCredit Bank

Fitch Ratings on Dec. 21 upgraded ProCredit Bank a.d. Belgrade's long-term foreign- and local-currency issuer default ratings to BB+, with a stable outlook.

The foreign-currency rating was changed from BB- and the local-currency rating from BB. The agency also affirmed the Serbian bank's short-term foreign- and local-currency issuer default ratings at B and its support rating of 3, while the "bb-" viability rating remained unaffected.

The ratings factor in potential support for the bank from German parent ProCredit Holding AG & Co. KGaA, while the upgrade reflects the raising of Serbia's country ceiling BB+ from BB-. The ceiling was raised as Fitch on Dec. 15 upgraded Serbia's long-term foreign- and local-currency issuer default ratings to BB from BB- with a stable outlook.