Fitch Affirms 4 Georgian Banks’ Ratings
Fitch Rating affirmed ratings of four Georgian banks. It revised the Outlooks on Bank of Georgia’s (BoG) and TBC Bank’s (TBC) Long-Term Issuer Default Ratings (IDRs) to Positive from Stable and affirmed the IDRs at ‘BB-‘. Fitch has affirmed Liberty Bank’s (LB) Long-Term IDR at ‘B+’ with a Stable Outlook and ProCredit Bank’s Georgia (PCBG) Long-Term IDR at ‘BB’ with a Positive Outlook.
Fitch has also revised the Outlook on JSC BGEO Group’s to Positive from Stable and affirmed the Long-Term IDR at ‘BB-‘. Till now, BGEO’s Outlook has also been Stable.
Fitch notes that revision of banks’ outlooks is linked to improvement of the country’s sovereign outlook. Last month, Georgia’s rating was changed to Positive Outlook.
“Georgia’s favorable macroeconomic situation will influence banking sector as well this and next years. This year, 4.6% GDP growth is estimated for Georgia and 4.9% in 2019,” – Fitch states.