The rating continues to reflect Bonafarm’s moderate business risk and financial risk profiles, despite increasing leverage. Pick Szeged’s rating continues to be based on the unconditional and irrevocable guarantee of its parent Bonafarm.

The class A notes have been fully redeemed.

The class A notes have been fully redeemed.

The class A notes have been fully redeemed.

The rating reflects the focused business model of microcredit lending in the Georgian financial sector, supportive earnings capacity and risk exposures and adequate financial viability management.

The periodic review has resulted in no rating action.

A strong institutional framework, conservative fiscal management, excellent capital market access, a sound debt profile and liquidity, and a solid economy are strengths. High debt, budgetary pressures, and moderate budgetary flexibility remain challenges.

The rating action reflects improved earnings visibly and consistently strong credit metrics.

This publication does not constitute a rating action.

This publication does not constitute a rating action.