The final rating is contingent on receipt of documents conforming to information already received. The notes are to rank pari passu among themselves and at least pari passu with all other present and future unsecured obligations of ProCredit Romania save for such obligations as may be preferred by law.
ProCredit Romania is a development-oriented bank focussing on micro, small and mediumsized enterprises. ProCredit Holding has 19 subsidiary banks in Central and Eastern Europe, Latin America and Africa banks. Strategic decisions, risk management policies and human resources are fairly centralised at the ProCredit Holding level.
ProCredit Holding is the largest shareholder in ProCredit Romania, holding a stake of 26%.
Other shareholders of ProCredit Romania are also shareholders in ProCredit Holding, except for EBRD (17%) and Commerzbank (20%). Fitch expects ProCredit Holding to gain a majority stake in ProCredit Romania by end-2007.
The credit analysis of ProCredit Romania can be found on the agency’s website,
www.fitchratings.com.
