The international rating agency Fitch announced on Wednesday an upgrade of one notch for the long-term issuer default rating to B+ and the local currency long-term issuer default rating to BB-. The other ratings are affirmed at short term B, individual D/E and support 4. The move is in line with the agency’s improved perception for the country risk (based on GDP growth and inflation among others) and the expected support from the owner ProCredit Holding AG. Fitch also upgraded the ratings of ProCredit Bosnia and Herzegovina. The ProCredit network consists of 19 banks in Eastern Europe, Latin America and Africa. At the end-March 2005, the group’s total assets were €1.6 billion. The Albanian arm reported total assets of €165 million at the end of November last year and claimed some 45% share of the local currency loans.
