9th May 2023 10:23
TBC Bank Group PLC - Tbilisi, Georgia-headquartered bank - Receives an upgraded credit rating from Fitch Ratings. The bank's long-term issuer default rating is upgraded to 'BB' from 'BB-' and its viability rating is upgraded to 'bb' from 'bb-'. The outlook remains stable.
Fitch says the upgrade is driven by TBC Bank's "strong performance" through several economic cycles, as well as its sound business profile, strong profitability and high capitalisation.
Chief Executive Vakhtang Butskhrikidze says: "We are very pleased with the upgrade of TBC's credit ratings by Fitch. This rating action is a clear testimony of the bank's fundamental financial strength and risk profile, robust profitability, sound asset quality, and strong capital position."
Current stock price: 2,449.79 pence, up 2.2% in London on Tuesday morning
12-month change: more than doubled from 1,182.00p
By Heather Rydings, Alliance News senior economics reporter
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