Fitch Ratings on May 22 upgraded ProCredit Bank sh.a. Kosovo's long-term foreign-currency issuer default rating to BB from BB-, with a stable outlook.
Fitch also upgraded the ProCredit Holding AG & Co. KGaA unit's viability rating to "b+" from "b" while affirming the B short-term foreign-currency issuer default rating and 3 support rating.
The upgrade of ProCredit Bank Kosovo is based on Fitch's reassessed view of the transfer and convertibility risks related to Kosovo, as well as the extent of constraints of the operating environment on the bank's credit profile.
Additionally, the rating agency affirmed certain ratings of the German parent, including its BBB/F2 long- and short-term issuer default ratings and "bb-" viability rating. The agency also affirmed ProCredit Bank AG's BBB/F2 long- and short-term issuer default and deposit ratings.
Fitch also affirmed the long- and short-term foreign- and local-currency issuer default ratings of Albania-based ProCredit Bank sh.a. at BB-/B, of Macedonia-based ProCredit Bank AD Skopje and Serbia-based ProCredit Bank a.d. Belgrade at BB+/B, as well as Bosnia & Herzegovina-based ProCredit Bank d.d. Sarajevo's B/B long- and short-term foreign-currency issuer default ratings and B+/B long- and short-term local-currency issuer default ratings.
The outlook on the long-term ratings of ProCredit Holding and its German, Albanian, Serbian and Bosnian units is stable, while the outlook on the long-term ratings of the Macedonian subsidiary is positive.
