BGEO Group PLC said Thursday that credit rating agency Moody’s Investors Service has upgraded the credit rating of unit JSC Bank of Georgia’s senior unsecured notes by two notches to Ba2.
The outlook on the senior unsecured notes has been changed to stable, from rating under review.
The credit rating upgrade reflects the change of the principal debtor from the holding company to the bank which has eliminated the structural subordination of the noteholders to the bank’s creditors, BGEO said.
The credit rating of the unsecured notes is aligned to the rating of the JSC Bank of Georgia and its other senior debt.
The credit rating assigned to the unsecured notes by Fitch Ratings remains unaffected at BB-, BGEO Group said.
Shares in the Georgia-focused financial services company closed at 3,556.00 pence, down 0.1%.