Fitch Ratings has increased the rating of Halyk Bank Georgia from "BB-" to "BB" with positive outlook

Fitch Ratings, one of the leading credit rating agencies in the world, has issued the 2019 rating of “Halyk Bank Georgia” and upgraded its long-term issuer default rating (IDR) from “BB-” to “BB” with the positive outlook.

This year was very important for Halyk Bank, as its rating has been upgraded twice. One of the key preconditions for the company's success is “Halyk Group” of which Halyk Bank Georgia is considered as a one of the fastest growing members. The group itself is operating on the financial markets of Kazakhstan, Kyrgyzstan, Tajikistan, Russia and Georgia. Currently the rating of Halyk Bank Kazakhstan is “BB+”, the outlook is positive.

According to Fitch Ratings’s statement - the slight difference between the ratings of Halyk Bank Kazakhstan and Halyk Bank Georgia underlines the importance of the Georgian bank in the group. The promotion of the Georgian bank has a positive impact on the group itself, which is one of the largest institutions of the financial market of Kazakhstan, counting 95 years of its successful operations. Its shares have been listed on London Stock Exchange since 2006. Halyk Bank entered the Georgian market since 2008 and represents a universal commercial bank offering a wide range of products and services for corporate and retail customers.

Its worth to highlight that, rating upgrade of Halyk Bank Georgia was made, while largest players of banking sector were downgraded by Fitch, which is another proof that Halyk Bank Georgia stands among strongest and safest financial institutions represented in the Georgian banking sector.