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Fitch raises outlook on Procredit Bank Georgia

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Fitch raises outlook on Procredit Bank Georgia

Fitch Ratings on March 22 revised the outlook on JSC ProCredit Bank Georgia's long-term foreign- and local-currency issuer default ratings to positive from stable, while affirming the ratings at BB.

The agency affirmed the bank's short-term foreign- and local-currency issuer default ratings at B and its support rating at 3. The bank's "bb-" viability rating remained unaffected.

The positive outlook reflects that of the sovereign rating of Georgia, whose outlook was revised to positive on March 16 based on growing GDP.

Germany-based ProCredit Holding AG & Co. KGaA is the ultimate parent of the Georgia-based bank.