Finance

Finance

Moodyâ€™s downgrades Bank of Georgia and TBC Bank

17 March 2009 10:45 (UTC +04:00)

Baku. Elmin Ibrahimov â€“ APA-Economics. Moody’s Investors Service has downgraded ratings of Bank of Georgia and TBC Bank.
Moodyâ€™s defined the financial stability of Bank of Georgia at D. The deposit rating in the national currency Ba1 and Ba3. The overdue debt rating of the bank was decreased to Ba2. The deposits in the foreign currency B3 with negative outlook.
Bank of Georgia’s D- bank financial strength rating (BFSR) was confirmed and its global local currency (GLC) deposit rating was downgraded to Ba3 from Ba1. The senior unsecured debt rating was also downgraded to Ba3 from Ba2. The outlook on the aforementioned ratings was changed to negative. The bank’s long-term foreign currency deposit rating was affirmed at B3 with a negative outlook.
TBC Bank’s D- bank financial strength rating (BFSR) was confirmed and its global local currency (GLC) deposit rating was downgraded to Ba3 from Ba1. The outlook on both ratings was changed to negative. The bank’s long-term foreign currency deposit rating was affirmed at B3 with a negative outlook.
In early 2008, Georgiaâ€™s TBC Bank took a 75% stake in Azerbaijanâ€“based SOA Credit non-bank lending institution, changing it to TBC Credit.