Fitch Assigns Bank of Georgia Debut USD200m Eurobond Final 'B' Rating
OREANDA-NEWS. Fitch Ratings has today assigned BG Finance B.V.'s USD200m 9% senior notes due February 2012 final ratings of Long-term 'B' and Recovery 'RR4'.
The issue is to be used solely for financing a loan to JSC Bank of Georgia ("BoG"), rated foreign and local currency Issuer Default 'B' with Stable Outlook, Short-term foreign and local currency 'B', Individual 'D' and Support '5'.
BoG is a systemically important bank with an approximate 28% share in banking sector assets at end-2006. The bank is broadly held, primarily by foreign portfolio investors.
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