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Tag Archives: Fitch Ratings

Fitch Affirms Tegeta Motors at ‘B-‘; Withdraws Rating

Fitch Ratings has affirmed Georgian auto parts company Tegeta Motors LLC’s Long-Term Issuer Default Rating (IDR) at ‘B-‘ with Stable Outlook. The rating has simultaneously been withdrawn. The rating of Tegeta Motors is constrained by its small scale, lack of geographical diversification, negative free cash flow (FCF) generation, and tight …

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Fitch Upgrades Georgia’s JSC Partnership Fund to ‘BB’

Fitch Ratings has upgraded Georgia-based JSC Partnership Fund’s (PF) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to ‘BB’ from ‘BB-‘. The Outlook is Stable. The agency has also affirmed PF’s Short-Term Local-Currency IDR at ‘B’. The upgrades follows the recent similar action on Georgia (see ‘Fitch Upgrades Georgia to …

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Fitch Upgrades Georgia to ‘BB’; Outlook Stable For the First Time

Fitch Ratings has upgraded Georgia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB’ from ‘BB-‘. The Outlook is Stable. KEY RATING DRIVERS The upgrade of Georgia’s IDRs reflects the following key rating drivers and their relative weights: High The Georgian economy proved resilient to negative developments in 2018. Economic growth …

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Fitch Affirms Halyk Bank Georgia at ‘BB-‘

Fitch Ratings has affirmed Halyk Bank Georgia’s (HBG) Long-Term Issuer Default Rating (IDR) at ‘BB-‘ with a Positive Outlook. Fitch has also assigned the bank a Viability Rating (VR) of ‘b+’. A full list of rating actions is at the end of this rating action commentary. HBG’s IDRs and Support …

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Fitch Rates Georgian MFO Swiss Capital ‘B-‘

Fitch Ratings has assigned JSC Microfinance Organization Swiss Capital a Long-Term Issuer Default Rating of ‘B-‘. The Outlook is Stable. Fitch has also assigned the company’s proposed local bond an expected senior unsecured ‘B-(EXP)’, aligned with the IDR. The ratings of Swiss Capital reflect its business focus on consumer and …

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Fitch Affirms 4 Georgian Banks, Revises Outlook on TBC and BOG to Positive

Fitch Ratings has revised the Outlooks on Bank of Georgia’s (BoG) and TBC Bank’s (TBC) Long-Term Issuer Default Ratings (IDRs) to Positive from Stable and affirmed the IDRs at ‘BB-‘. Fitch has affirmed Liberty Bank’s (LB) Long-Term IDR at ‘B+’ with a Stable Outlook and ProCredit Bank’s Georgia (PCBG) Long-Term …

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Fitch Affirms Tegeta Motors Outlook Stable at B-

Fitch Ratings has affirmed Georgian auto spare parts and maintenance provider Tegeta Motors LLC’s expected Long-Term Issuer Default Rating (IDR) of ‘B-(EXP)’. The Outlook is Stable. The affirmation reflects an adequate increase in committed liquidity to offset upcoming 2018 maturities despite the postponed issuance of a planned local-currency bond. Unsuccessful …

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Fitch Revises Georgia’s Outlook to Positive and Affirms at ‘BB-‘

Fitch Ratings-London-16 March 2018Fitch Ratings has revised the Outlook on Georgia’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to Positive from Stable and affirmed the IDRs at ‘BB-‘. Link to Fitch Ratings’ Report(s): Georgia – Rating Action Report KEY RATING DRIVERS The revision of the Outlook to Positive reflects the …

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Fitch Ratings Assign B+ to Silknet on Rating Watch Positive

Fitch Ratings has placed Georgian-based telecoms company JSC Silknet’s Long-Term Issuer Default Rating (IDR) of ‘B+’ on Rating Watch Positive following the company’s announced acquisition of Geocell, Georgia’s second-largest mobile operator. The ratings are likely to be affirmed at the current level of ‘B+’, with the assignment of a Positive …

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Fitch: Georgian Banks Are Well Positioned to Withstand Pressures

Georgian banks are well placed to absorb potential pressures. Fitch Ratings said at its annual conference on Georgia in Tbilisi today. Sector asset-quality metrics have remained resilient through the credit cycle. Capital buffers are strong and profitability has improved, helped declining risk costs Banks’ asset quality metrics have been solid …

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