Fitch Ratings affirmed JSC Basisbank’s (hereinafter the Bank) Long-Term Issuer Default Rating (IDR) at "B+" with a Positive Outlook. The Viability Rating (VR) has also been affirmed at 'B+'.
As Fitch Ratings explains, the Long-Term IDR of the Bank was driven by the bank's stable capitalization and reasonable performance, as well as rather dollarized balance sheet, which is a sector-wide feature on Georgian Market
According to Fitch, the Positive Outlook on IDR reflects their expectations that favourable economic conditions in Georgia will persist and result in a sustained strengthening of Bank's asset quality, funding and liquidity profile, as well as supporting the stability of the bank's already reasonable profitability and strong capitalization.
„We are consistent in stable development and strengthening our positions on the local market. Last year, we ended with impressive financial results: we maintained stable growth in Net Profit and achieved solid Loan Portfolio and Capital growths of 19% and 15% respectively. We were able reinforce Bank’s position as one of the largest financial institutions on the Market, which was reflected in Fitch’s rating as well“, David Tsaava, General Director of Basisbank stated.
