Fitch ups two Georgia banks

Fitch Ratings said it upgraded the long-term issuer default ratings of two Georgian banks and affirmed three others.

The two upgraded banks are Bank of Georgia and JSC Basisbank while the affirmed banks are JSC VTB Bank (Georgia), ProCredit Bank (Georgia) and TBC Bank.

Bank of Georgia's long-term foreign- and local-currency issuer default ratings were upgraded to B+ from B, senior unsecured debt upgraded to B+ from B with a recovery rating of RR4 and short-term foreign- and local-currency issuer default ratings affirmed at B.

Basisbank's long-term issuer default rating was upgraded to B- from CCC and short-term issuer default rating to B from C.

TBC Bank's long-term issuer default rating was affirmed at B+ and short-term issuer default rating at B.

ProCredit Bank (Georgia)'s long-term foreign- and local-currency issuer default ratings were affirmed at BB- and short-term foreign- and local-currency issuer default ratings at B.

VTB Bank (Georgia)'s long-term issuer default rating was affirmed at BB- and short-term issuer default rating at B.

The outlook is stable.

The upgrades on Bank of Georgia and Basisbank reflect the view that the Georgian banking system is emerging from the global financial crisis and the domestic economic downturn in reasonably good condition, Fitch said.

The ratings are also supported by the bank's generally good governance and strong customer franchise in Georgia, the agency said.

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