Fitch Ratings on Dec. 13 assigned JSC Halyk Bank Georgia a viability rating of "b+."

The rating reflects the bank's considerable independence from parent and sole shareholder JSC Halyk Savings Bank of Kazakhstan in respect of loan origination and approval, as well as its adequate financial metrics. It also factors in the lender's limited franchise in Georgia's concentrated banking sector and its increased risk appetite, which is driven by its considerable lending in foreign currencies and high balance sheet concentrations.

In addition, Fitch affirmed Halyk Bank Georgia's long-and short-term issuer default ratings at BB-/B and its support rating at 3. The outlook on the long-term rating is positive, in line with that on its parent.