Fitch Revises Crystal’s Credit Rating at ‘B-‘ Outlook Positive

Fitch Ratings has issued an updated credit rating. The reputable international rating agency has improved the Long-term Issuer Default Rating (IDR) of the financial inclusion organization Crystal, changing the stable outlook awarded last year to positive this time.

The improvement of Crystal’s credit rating outlook by Fitch has been conditioned by a range of parameters, with effective asset quality management, diversification of funding sources, effective management of capital and liabilities, and considerable improvement in profitability being emphasized in the report. The company’s forthcoming banking transformation, which creates positive expectations regarding a further increase in the rating, is also brought to the fore.  

As the international rating agency points out, impressive results have been achieved in the area of funding management, which has been attained through successful partnership of Crystal with international financial institutions (IFIs) and local banks.

Ilia Revia, Chief Executive Officer of Crystal, commented:, “Crystal is the first Fitch-rated non-banking financial institution in the region. While the improvement of credit rating puts much more responsibility on us, it also helps us attract more financial resources at favorable terms, thereby allowing us to offer competitive products to our customers, so that they can develop their businesses, increase their income and thus contribute to the economic recovery of the country.”

Crystal is the first Fitch-rated non-banking financial institution in the region. The company was first awarded the international rating in 2017. For more information, click here >>>