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Fitch ups four Georgia banks
Fitch Ratings said it upgraded the ratings of ProCredit Bank Georgia, JSC VTB Bank, Bank of Georgia and TBC Bank.
ProCredit Bank Georgia's long-term foreign-currency issuer default rating was upgraded to BB- from B, long-term local-currency issuer default rating to BB from B+ and support rating to 3 from 4. The outlook is stable and its short-term foreign- and local-currency issuer default ratings are affirmed at B, individual rating at D/E.
JSC VTB Bank's long-term foreign-currency issuer default rating was upgraded to BB- from B, support rating upgraded to 3 from 4 with a stable outlook. Its short-term issuer default rating is affirmed at B, individual rating at D/E.
Bank of Georgia's long-term foreign- and local-currency issuer default ratings were upgraded to B+ from B, support rating upgraded to 4 from 5 with stable outlook. Its support rating floor was changed to B+ from B- and its short-term foreign- and local-currency issuer default ratings were affirmed at B, individual rating at D.
TBC Bank's long-term foreign-currency issuer default rating was upgraded to B+ from B-, support rating upgraded to 4 from 5 with a stable outlook. Its support rating floor was changed to B+ from B-, short-term issuer default rating was affirmed at B and individual rating at D.
This action comes after Fitch assigned long-term foreign- and local-currency issuer default ratings of BB- with stable outlook to the Georgian sovereign.
The upgrades reflect the greater probability of support being forthcoming in case of need, the agency said. In the cases of ProCredit and VTB, this is because of Fitch's revised view of Georgian country risks, in particular transfer and convertibility risks, as reflected in the Georgian country ceiling of BB-, the agency said.
In the cases of Bank of Georgia and TBC, the upgrades reflect the greater probability of support from the Georgian sovereign, reflected in Georgia's long-term issuer default ratings, Fitch said.
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