OREANDA-NEWS. On July 18, 2007 the Fitch Rating agency upgraded ProCredit Bank’s rating by two notches from B to “BB-” (BB minus). This action followed the assignment this week by Fitch of long term foreign and local currency Issuer Default Ratings (“IDR”) of “BB-” (BB minus)/stable Outlook to Georgia itself, reported the press-centre of ProCredit Bank.

The new Rating of ProCredit Bank, Georgia is a reflection of the Georgian country ceiling of “BB-” and is currently the highest possible rating in the country.

The upgrade of ProCredit Bank Georgia reflects the greater probability that the bank would be able to receive, convert and pay out to creditors financial support from its majority shareholders. ProCredit bank Georgia is 91% owned by ProCredit Holding AG (Long –term IDR “BBB-”/outlook stable).

Fitch Ratings is a world leader in assigning ratings to financial institutions and companies worldwide. The reports produced by Fitch are widely recognized as an authoritative appraisal of the creditworthiness of a company.