Fitch upgrades ProCredit Bank Sha

Fitch Ratings said it upgraded ProCredit Bank Sha's long-term foreign-currency issuer default rating to BB- from B+ with stable outlook.

The upgrades follow a reassessment of the transfer and convertibility risks in Albania, Fitch said.

The ratings are underpinned by the likelihood of support from ProCredit Holding AG&Co. KGaA, its 100% owner, the agency explained.

Fitch said it views positively the full ownership of the subsidiary.

The ratings also consider the strategic importance of southeastern Europe to ProCredit Holding and the potential negative implications of a subsidiary default for the group, the agency said.

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