OREANDA-NEWS. Fitch Ratings has today upgraded JSC Bank of Georgia's ("BoG") foreign currency and local currency Issuer Default ratings ("IDRs") to 'B' from 'B-' (B minus). Following the upgrade, the Outlooks on the IDRs are now Stable.

The other ratings are affirmed at Short-term foreign currency and local currency 'B', Individual 'D' and Support '5'.

Also today, Fitch has assigned expected ratings of Long-term 'B' and Recovery 'RR4' to BoG's upcoming debut eurobond.

The upgrade reflects BoG's extended track record of sound profitability, asset quality and capitalisation.

However, BoG remains a small bank by international standards and is growing rapidly in a difficult operating environment.