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Fitch places 8 ProCredit Holding units on Rating Watch Negative

Fitch Ratings on Sept. 12 placed the long-term issuer default ratings and support ratings of eight units of ProCredit Holding AG & Co. KGaA on Rating Watch Negative, following a similar action on their German parent.

The affected ratings include the BB+ long-term foreign- and local-currency default ratings of Macedonia-based ProCredit Bank AD Skopje and Serbia-based ProCredit Bank a.d. Belgrade; BB long-term foreign-currency issuer default rating of ProCredit Bank sh.a. Kosovo; BB long-term foreign- and local-currency issuer default ratings of JSC ProCredit Bank Georgia; BBB- long-term foreign- and local-currency issuer default ratings of ProCredit Bank Romania SA and ProCredit Bank (Bulgaria) EAD; BBB long-term issuer default rating of Germany-based ProCredit Bank AG; and BB- long-term foreign- and local-currency issuer default ratings of Albania-based ProCredit Bank sh.a.

Meanwhile, the support ratings affected were at 2 for ProCredit Bank AG, ProCredit Bank Romania SA and ProCredit Bank (Bulgaria) EAD, and at 3 for ProCredit Bank sh.a. Kosovo, Albania-based ProCredit Bank sh.a., ProCredit Bank AD Skopje, ProCredit Bank a.d. Belgrade and ProCredit Bank Georgia.

The F2 short-term deposit and issuer default ratings of ProCredit Bank AG and F3 short-term foreign- and local-currency issuer default ratings of ProCredit Bank Romania SA and ProCredit Bank (Bulgaria) EAD were also placed on Rating Watch Negative.

Meanwhile, the B short-term foreign- and local-currency issuer default ratings of ProCredit Bank sh.a., ProCredit Bank AD Skopje, ProCredit Bank a.d. Belgrade and ProCredit Bank Georgia were affirmed, as was the B short-term foreign-currency issuer default rating of ProCredit Bank sh.a. Kosovo.

The viability ratings of all eight units were unaffected.

Fitch noted that the placement reflects the downside risk its assessment of support for ProCredit Holding from its international financial institution shareholders.