S&P rates VTB Bank (Georgia) BB-

Standard & Poor’s said it assigned a BB- long-term and B short-term counterparty credit ratings to VTB Bank (Georgia).

The outlook is stable.

The ratings reflect the bank’s moderate business position, moderate capital and earnings, weak risk position, average funding and adequate liquidity, S&P said.

VTB Georgia is 96% owned by the VTB group, which acquired the stake in the bank in 2005 and maintained its presence in Georgia even during the period of conflict between Russia and Georgia in 2008, the agency said.

VTB Georgia is a strategically important subsidiary of VTB Bank, which is interested in keeping and expanding its geographic footprint in Georgia given the Georgian economy’s strong growth potential, S&P said.

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