Fitch Rates Crystal’s GEL10m Notes Final ‘B’

Fitch Ratings-London-17 January 2018: Fitch Ratings has assigned JSC MFO Crystal’s (Crystal) GEL10 million issue of senior unsecured notes a final long-term rating of ‘B’. The bonds mature in December 2019, and the coupon is paid quarterly at a rate of 450 basis points over the National Bank of Georgia’s monetary policy rate.

Crystal Corporate Bond


December 28, 2017, Tbilisi – JSC MFO Crystal, rated B by the Fitch Ratings, successfully completed an inaugural GEL 10 million offering of notes due December 2019 (the Notes).  The annual coupon rate was set at 4.5% over the National Bank of Georgia’s refinancing rate.

Fitch Rating


Crystal is the first micro finance organization in Georgia and in the region, which obtained Fitch rating. This quite a high assessment for non-banking institution will position Crystal under the radars of international investors allowing the company to make its contribution towards the development of Georgia’s corporate bond market.


We support micro and small entrepreneurs and smallholder farmers throughout Georgia in realizing their business potential, reaching financial stability and improving their living standards. As a socially active player, Crystal offers responsible, innovative and green financial solutions, in combination with expertise critical for the customers’ economic success.

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