BGEO Group PLC (the “Group” or “BGEO”), announces that on 29 March2018 credit rating agency Moody’s upgraded the credit rating of JSC Bank of Georgia’s senior unsecured notes, previously JSC BGEO Group’s notes prior to their recent substitution, by two notches to Ba2. The outlook on the senior unsecured notes has also been changed to stable, from rating under review. The credit rating upgrade reflects the change of the principal debtor from the holding company to the Bank which has eliminated the structural subordination of the noteholders to the Bank’s creditors. The credit rating of the unsecured notes is aligned to the rating of the Bank and its other senior debt.
The credit rating assigned to the unsecured notes by Fitch Ratings remains unaffected at BB-.