Fitch raises Basisbank to B+

Fitch Ratings said it upgraded Basisbank's long-term issuer default rating to B+ from B and affirmed Cartu Bank's and Halyk Bank Georgia's issuer default ratings at B+ and BB-, respectively.

The outlook on Cartu Bank was revised to negative from stable. The outlooks on Basisbank and Halyk Bank Georgia are stable.

Fitch also upgraded Basisbank's viability rating to b+ from b and affirmed Cartu's viability rating at b+.

According to the agency, Basisbank's and Cartu's issuer default ratings are driven by the banks' standalone creditworthiness, as expressed by their viability ratings.

The upgrade of Basisbank's long-term foreign currency issuer default rating reflects the upgrade of the bank's viability rating, Fitch explained. The latter captures the bank's extended track record of profitable growth, while maintaining reasonable asset quality metrics and a solid capital cushion.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.