Fitch Upgrades MFO Crystal to ‘B’, Outlook Stable

The reputable international credit rating agency Fitch Ratings has improved the Long-term Issuer Default Rating (IDR) of the financial inclusion organization Crystal, to ‘B’ Stable upgrading from ‘B-‘ Positive outlook.

Fitch has outlined multiple factors driving the rating upwards, including strengthened profitability, improved net interest margin, good cost control and asset quality, strong franchise and diversified funding sources.

Transformation to micro-bank is under Fitch’s focus, with expectations of positive impact on funding profile as Crystal will have access to deposits and NBG liquidity facilities.

“Crystal has been improving results for the third year in a row showcasing strong level of institutional capabilities, commitment to strategy execution and company’s resilience toward global and local crisis. Rating upgrade is an important step and an assurance for our shareholders and stakeholders that the company is on a right path of development” according to Crystal’s CEO, Ilia Revia.

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 >>>