Business
BOGG PLC announces BOG's rating upgrade by Fitch
BOGG PLC announces BOG's rating upgrade by Fitch.
About this update from Lion Finance Group Plc
[{"type":"text","content":"\n\n\n \nLondon, 9 May 2023\n \n \nBank of Georgia Group PLC announces Bank of Georgia's rating upgrade by Fitch Ratings\n \nBank of Georgia Group PLC (the \"Company\") announces that on 5 May 2023 Fitch Ratings (\"Fitch\") upgraded JSC Bank of Georgia's (the \"Bank\" or \"Bank of Georgia\") Long-Term Issuer Default Rating (IDR) from 'BB-' to 'BB'. The Outlook remains Stable.\n \nFitch noted that the rating upgrade reflected the strength of the Bank's domestic franchise and the resilience of the Bank's business model and performance through the cycle, supported by Georgia's strong economic growth.\n \nFitch has also revised their outlook on the operating environment for banks in Georgia to Positive. Earlier this year, the Outlook on Georgia's Long-Term Foreign-Currency Issuer Default Rating (IDR) was revised to Positive from Stable and the IDR affirmed at 'BB'.\n \nBank of Georgia's CEO, Archil Gachechiladze commented: \"We're pleased to see that Bank of Georgia's strong performance, consistently high profitability and robust capital levels have been reflected by Fitch in the Bank's revised long-term credit rating. Our operations have been supported by strong economic activity in Georgia, with double-digit real GDP growth in each of the last two years. The resilience of the local economy has also been captured in the Positive Outlook on Georgia, published earlier this year. As a leading financial institution with a strong customer franchise, we remain well-positioned to capture the benefits of improved operating environment in the country.\"\n \n \n \n \n \n \n \n \n \n \nName of authorised official of issuer responsible for making notification: Nini Arshakuni, Head of Investor Relations\n \n \nAbout Bank of Georgia Group PLC\nBank of Georgia Group PLC (the \"Company\" - LSE: BGEO LN) is a FTSE-250 company. Its core entity is JSC Bank of Georgia (\"Bank of Georgia\", \"BOG\", or the \"Bank\"), a digital banking leader in Georgia that provides a suite of banking and financial services to retail clients and businesses. By building on its competitive strengths, the Group is committed to delivering strong profitability sustainably and maximising shareholder value.\nLegal Entity Identifier: 213800XKDG12NQG8VC53\n \n \nFor further ...