9th May 2023 10:15
Bank of Georgia Group PLC - Tbilisi, Georgia-based bank - Receives upgrade from Fitch Rating for its long-term issuer default rating. Rating is upgraded to 'BB' from 'BB-'. The outlook remains stable.
Fitch says the rating upgrade reflects the strength of the bank's domestic franchise and the "resilience" of its business model and performance.
Chief Executive Archil Gachechiladze says: "We're pleased to see that Bank of Georgia's strong performance, consistently high profitability and robust capital levels have been reflected by Fitch in the bank's revised long-term credit rating. Our operations have been supported by strong economic activity in Georgia, with double-digit real GDP growth in each of the last two years. The resilience of the local economy has also been captured in the positive outlook on Georgia, published earlier this year."
Current stock price: 3,050.00 pence, up 1.2% in London on Tuesday morning
12-month change: more than doubled from 1,160.00p
By Heather Rydings, Alliance News senior economics reporter
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