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 affirmation reflects the bank’s continued solid operating performance.

The periodic review has resulted in no rating action.

Rising general government debt, high fiscal deficits and a modest growth outlook drive the outlook change. A wealthy economy, high net financial assets, and effective institutions remain credit strengths.

Solid budgetary metrics, deep capital market access, ample liquidity and a resilient, high-income economic base support the rating. Elevated but declining debt levels and structurally rigid spending remain constraints.

A large and well-diversified economy, strong public-debt structure, robust monetary policy framework and a resilient banking system anchor the rating. Rising government debt and moderate economic growth are the main credit challenges.

Economic resilience, large sovereign wealth fund savings and strong macroeconomic governance are key credit strengths. High household debt, financial imbalances and the long-run economic transition represent challenges.

A wealthy and competitive economy, sound public finances and a solid external position are key credit strenghts. High household debt and banking sector vulnerabilities represent challenges.