Moody's Upgrades Two Georgian Banks With Stable Outlook
LONDON (Alliance News) - Moody's Investor Service said on Wednesday it has upgraded the credit ratings of TBC Bank Group PLC and BGEO Group PLC, driven by the upgrade of Georgia's government bond ratings.
Both JSC Bank of Georgia, of which BGEO is the holding company, and TBC Bank's local-currency deposit ratings were upgraded to Ba2 from Ba3 and their foreign-currency deposit ratings to Ba3 from B1.
Moody's said the upgrade of the Bank's local-currency deposit rating was "primarily driven by the improved capacity of the government to provide support to the banks in case of need", which was indicated by its recent upgrade of the Georgia's government bond rating to Ba2 stable from Ba3 stable on September 11.
JSC Bank of Georgia's senior unsecured foreign-currency debt rating was also upgraded to Ba2 from Ba3.
The credit ratings agency added that the ratings continue to carry a stable outlook.
Moody said the bank's standalone baseline credit assessments and adjusted BCAs of ba3 are unaffected by this action.
Shares in BGEO were up 0.3% at 3,340.00 pence on Wednesday, whilst shares in TBC Bank Group were up 2.1% at 1,620.00p.
By Gem Sofianos; [email protected]
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