Fitch rates TBC Leasing BB-

Fitch Ratings said it assigned JSC TBC Leasing a long-term issuer default rating of BB- with a stable outlook.

TBC’s ratings are driven by support from its parent TBC Bank. Fitch’s said its view of a high probability of support is based on full ownership by, close integration with and the record of capital and funding support from TBC Bank.

TBC operates solely in Georgia, its domestic market, and is the market leader in Georgian leasing. The company mainly provides financial leasing to the corporate clientele of TBC Bank as well as to small to medium enterprises, microbusinesses and individuals. TBCL’s clients are often higher-risk borrowers than those of TBC Bank, but this is partly offset by access to liquid collateral and from the adequate pricing of risk.

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