E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 12/11/2018 in the Prospect News Emerging Markets Daily.

Fitch downgrades Cartu Bank

Fitch Ratings said it downgraded Cartu Bank's long-term issuer default rating to B from B+.

The outlook is stable.

Fitch also said it affirmed the long-term issuer default rating of another Georgian bank, Basisbank, at B+ with a stable outlook.

The ratings are driven by their standalone strength as expressed by their viability ratings of B+ on Cartu and B rating on Basisbank, the agency said.

The downgrades reflect the bank's weakened asset quality and profitability metrics, Fitch said.

They do not compare favorably with peers and are no longer commensurate with a B+ viability rating, which could put pressure on the bank's capitalization, the agency said.

The ratings also consider the banks' reasonable asset quality and a solid capital cushion, Fitch said.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.