BGEO Group announces Bank of Georgia's rating upgrade by Moody's
BGEO Group PLC (the “Group” or “BGEO”), announces that on 13 September 2017 credit rating agency Moody’s upgraded JSC Bank of Georgia’s (“The Bank”) local-currency deposit rating to Ba2 from Ba3, and the Bank’s foreign-currency deposit rating to Ba3 from B1. The Bank’s senior unsecured foreign-currency rating was also upgraded to Ba2 from Ba3 with a stable outlook. JSC BGEO’s ratings were not affected. The Bank’s credit rating action follows the upgrade of Georgia’s sovereign local and foreign currency issuer ratings to Ba2 from Ba3 on 11 September 2017.
“Georgia’s economy has a strong track record of resilience to the various shocks the region has experienced over the last ten years. Prudent macroeconomic reforms and regulatory banking supervision have allowed both the country’s GDP to steadily grow during this period, and the banking sector to remain profitable, well-capitalised and healthy. I am pleased to see Moody’s upgrade of the Georgia’s long-term sovereign ratings, together with the credit ratings of the Bank, in light of these achievements and I believe that Bank of Georgia is very well positioned to further capitalise on Georgia’s promising macroeconomic outlook”, commented Kaha Kiknavelidze, CEO of Bank of Georgia.