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Fitch Ratings affirms the credit rating of ProCredit Bank Bulgaria

April 30, 2020

The international rating agency Fitch Ratings affirmed the long-term credit rating of ProCredit Bank (Bulgaria) EAD in foreign and local currency at BBB- with a stable outlook. In addition, the agency confirmed the bank’s viability rating as bb-which reflects the  systematic strong risk management and maintenance of high asset quality given the bank's low impaired loans, which at end 2019 stood at 1.9% of gross loans, well below the sector average of 9.2%.

The rating reflects Fitch’s reinforced view of the potential support that the bank’s sole shareholder, Frankfurt am Main-based ProCredit Holding (BBB / stable outlook) can provide. It is noted that funding and liquidity of ProCredit Bank Bulgaria is solid, strong liquidity is maintained and at the same time there the bank's self-financing capacity is high (gross loans to deposit ratio of about 90% at end-2019).

In its report, the rating agency also takes into account that the bank's performance has been one of the most consistent among Bulgarian banks, due to strong customer relationships, а conservative risk appetite and knowledge of SME lending.

More information about the published report: