Fitch Ratings on April 16 affirmed the long- and short-term foreign- and local-currency issuer default ratings of JSC Bank of Georgia at BB-/B, and revised the outlook on the long-term ratings to stable from positive.
The rating agency also affirmed TBC Bank Group PLC unit JSC TBC Bank's BB-/B long- and short-term foreign-currency issuer default ratings and changed the outlook on the long-term rating to stable from positive. Both banks' 4 support ratings, B support rating floors and "bb-" viability ratings were affirmed, as was Bank of Georgia's BB- senior unsecured long-term rating.
Fitch said the outlook revision on both banks reflects its view of still significant risks associated with continued rapid loan growth and sizable foreign-currency lending.
At the same time, Fitch affirmed JSC Liberty Bank's B+/B long- and short-term foreign-currency issuer default ratings, 4 support rating, B support rating floor and "b+" viability rating. Also affirmed were ProCredit Holding AG & Co. KGaA unit JSC ProCredit Bank Georgia's BB+/B long- and short-term foreign- and local-currency issuer default ratings, 3 support rating and "bb-" viability rating.
The outlooks on the long-term ratings of Liberty Bank and ProCredit Bank Georgia are stable.