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Fitch upgrades Georgia's Basisbank, revises Cartu Bank outlook

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Fitch upgrades Georgia's Basisbank, revises Cartu Bank outlook

Fitch Ratings on Dec. 18 upgraded JSC Basisbank's long-term foreign-currency issuer default rating to B+ from B, with a stable outlook, and its viability rating to "b+" from "b".

The agency also affirmed the long-term foreign-currency issuer default rating of JSC Cartu Bank at B+ and that of JSC Halyk Bank Georgia at BB-. The outlook on the long-term rating of Halyk Bank Georgia remained stable, while that of Cartu Bank was revised to negative from stable. Cartu Bank's viability rating was affirmed at "b+".

The upgrade of Basisbank's viability rating reflects the bank's track record of profitable growth while it has maintained reasonable asset quality and a "solid capital cushion." The revision of Cartu Bank's outlook reflects pressures resulting from deteriorating asset quality, which could affect performance and capitalization.

Fitch affirmed the support ratings of 5 and the support rating floor of No Floor for Basisbank and Cartu Bank, while Halyk Bank Georgia's support rating was affirmed at 3. The agency affirmed all three banks' short-term foreign-currency issuer default ratings at B.

Halyk Bank Georgia is a unit of JSC Halyk Savings Bank of Kazakhstan.