11th Dec 2020 12:01
(Alliance News) - TBC Bank Group PLC on Friday noted Moody's Investors Service had upgraded the Georgian bank's foreign-currency deposit rating to Ba2 from Ba3 with stable outlook.
TBC explained that the rating action was the result of change in local currency and foreign currency ceilings under rating agency Moody's updates local and foreign currency country ceilings for bonds and other obligations methodology, published Monday this week.
A consequence of the change in methodology was that foreign currency ceilings as applied to foreign currency deposits were raised in Georgia, thus upgrading JSC TBC and foreign currency deposit rating.
Shares in TBC were down 0.8% at 1,180.00 pence in London on Friday.
By Anna Farley; [email protected]
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