Fitch: Georgia banks stable

Fitch Ratings said it upgraded the long-term foreign-currency issuer default rating of ProCredit Bank (Georgia) and JSC VTB Bank (Georgia) to BB- from B+ and removed the ratings from Rating Watch negative. Fitch also said it affirmed the long-term issuer default rating of TBC Bank at B+ with a stable outlook and removed the Rating Watch negative. Bank of Georgia's long-term issuer default rating is affirmed at B and the outlook revised to stable from negative.

The actions follow an upgrade of Georgia's country ceiling to BB- from B+ and the affirmation of Georgia's sovereign long-term foreign- and local-currency issuer default ratings at B+ with stable outlook.

The upgrades reflect the greater probability of support being available to these banks, in case of need, following the upgrade of the Georgian country ceiling, Fitch said.

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