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|JSC Liberty Bank Issuer Default Rating||Rating||Outlook||Update Date|
|Fitch||B+||Stable||31 March, 2021|
|Moody's||Ba3||Stable||20 June, 2019|
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 healthy capital cushion and good performance metrics. The Long-Term Issuer Default is driven by the bank's intrinsic strength.
Liberty Bank's upgraded rating reflects its strong earnings generation capacity, which is driven by a high interest margin; adequate reported capital ratios that we expect will improve in line with higher requirements; and granular deposit funding base and solid liquidity. These strengths are moderated by high asset risks, reflecting the bank’s focus on unsecured lending and its credit concentration in Georgia’s developing economy; unseasoned risk for its new corporate lending book; and the bank's undiversified business model. However, the bank has a new strategy and is increasingly focused on business lending portfolio, which can shift some of these strengths and weaknesses.