Fitch changes Bank of Georgia, TBC Bank to positive

Fitch Ratings said it revised the outlooks on Bank of Georgia's and TBC Bank's long-term issuer default ratings to positive from stable and affirmed the ratings at BB-.

The agency affirmed Liberty Bank's long-term issuer default rating at B+ with a stable outlook and ProCredit Bank Georgia’s long-term issuer default rating at BB with a positive outlook.

Fitch also revised the outlook on JSC BGEO Group's to positive from stable and affirmed its long-term issuer default rating at BB-. It simultaneously withdrew the ratings for commercial reasons and will no longer provide ratings and analytical coverage for BGEO.

Fitch said the issuer default ratings of Bank of Georgia, TBC and Liberty Bank are driven by the banks' intrinsic strength as reflected by their viability ratings. Bank of Georgia’s senior unsecured debt is rated in line with its issuer default rating.

The outlook revisions on Bank of Georgia and TBC Bank reflect the agency’s view that these banks' risk profiles and financial metrics should benefit from the improving operating environment in Georgia.

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