Scope Ratings has updated its rating report on MFO Rico Express LLC, rated B+ with Stable Outlook.

The rating affirmation reflects Rico Express’ leading position in the Georgian pawn loan market, and supportive solvency metrics.

The periodic review has resulted in no rating action.

Following the publication of its updated Financial Institutions Rating Methodology, Scope affirmed its B+ issuer rating and S-4 short-term rating on Rico Express.

The first-time issuer rating of B+ and short-term rating of S-4 reflect Rico Express' established position in Georgia's pawn loan and money transfer segments, with strong solvency and liquidity metrics in recent years.