International credit rating agency Fitch Ratings has reaffirmed the Long-Term Issuer Default Rating (IDR) of Georgia-based microbank Crystal at ‘B’, maintaining a stable outlook. Rating affirmation this year reflects the company’s continued progress, financial resilience, and consistent execution of its strategy.
“Retaining our credit rating amid global and regional challenges is a strong validation of the robustness and effectiveness of our strategic direction. It enhances the transparency of our operations, strengthens our risk profile, and reinforces the confidence of both our international financial partners and customers. This recognition supports our continued commitment to sustainable growth and to empowering small and medium enterprises, which play a vital role in the country’s economic development” – noted Ilia Revia, Chief Executive Officer of Crystal.
Fitch’s decision was based on several performance indicators. According to the agency’s report, the rating reflects: Improved profitability, prudent asset quality management, diversified funding base, stable capital and liability management.
The report also cites Crystal’s new status as a microbank as a positive development, potentially paving the way for an upward revision in the future. The agency additionally noted that Crystal’s strong and longstanding relationships with international and domestic financial institutions — including development finance partners — have contributed to the company’s funding strength and institutional reputation.
Crystal was the first non-banking financial institution in the region to receive an international credit rating from Fitch, dating back to 2017 when it operated as a microfinance institution. The reaffirmed rating further cements Crystal’s position as a trusted and responsible financial partner in Georgia’s evolving financial landscape.
For more information please visit: www.fitchratings.com