TBC Bank Group PLC announces TBC Bank's rating upgrade by Moody's
TBC Bank Group PLC announces that on 10 December 2020, Moody's Investors Service ("Moody's") has upgraded JSC TBC Bank's ("TBC Bank") foreign-currency deposit rating to Ba2 from Ba3, with a stable outlook.
The rating action was driven by the changes in the local currency (LC) and foreign currency (FC) country ceilings under Moody's updated Local and Foreign Currency Country Ceilings for Bonds and Other Obligations Methodology published on 7 December 2020.
As a result of the methodology change, FC ceilings as applied to FC deposits were raised in Georgia, resulting in upgrades of FC deposit rating of JSC TBC Bank.
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About TBC Bank Group PLC ("TBC PLC")
TBC Bank Group PLC ("TBC PLC") is a public limited company registered in England and Wales. TBC PLC is the parent company of JSC TBC Bank ("TBC Bank") and a group of companies that principally operate in Georgia in the financial sector and other closely related fields. TBC PLC also recently expanded its operations in Uzbekistan. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of the FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.
TBC Bank, together with its subsidiaries, is a leading universal banking group in Georgia, with a total market share of 39.3% of loans and 38.3% of non-banking deposits as of 30 September 2020, according to data published by the National Bank of Georgia.