The rating withdrawal follows Scope's decision to cease analytical coverage on the entity for business reasons.

The affirmation of the B/Stable rating reflects Scope's view that the credit profile of JSC MFO Swiss Capital has remained resilient throughout the pandemic crisis.

The rating is driven by Swiss Capital's strong market position in the Georgian microfinance sector but is constrained by limited diversification, with a business model focused on consumer micro lending in the organisation's domestic market.