On March 31, Fitch Ratings revised the Outlook on JSC Liberty Bank to ‘Stable’ from ‘Negative,’ while affirming its Long-Term Issuer Default Rating (IDR) at ‘B+’.
The revision of the Outlook to Stable reflects reduced pressure on the bank’s credit profile from the health crisis and contraction of the Georgian economy.
Fitch Ratings expect that the bank’s pre-impairment profits will be sufficient to absorb additional credit losses from the pandemic without jeopardizing its financial profile.
The bank entered the crisis with a healthy capital cushion and good performance metrics. The Long-Term Issuer Default is driven by the bank’s intrinsic strength.
Liberty is one of the largest Banks in Georgia, with total Assets of up to GEL 3 bln. The Bank operates the largest branch network comprised of over 360 branches and 614 ATMs. The Bank is the exclusive agent of the Government of Georgia for the distribution of pensions and social benefits. The Bank employs over 4 700 employees serving over 1.7 mln customers.