Fitch Ratings affirmed Long-Term Issuer Default Rating (IDR) at 'B-' Outlook Stable.
Despite of the recent regional shakeouts Crystal has maintained promising financial and operation profile, translated in Stable credit rating Outlook. Funding profile, asset quality and capital position are key indicators that Crystal’s team has managed properly.
Crystal's progress towards improving its asset quality and stable access to external funding has been reflected in Stable Outlook. Fitch has outlined management’s proactiveness and contribution in credit risk management during the pandemic. Regarding the capital position, Crystal's capital adequacy stood at 20.3% managing 5.3% headroom above regulatory threshold. Solid capital structure has been positively outlined in rating report. In parallel, funding management has demonstrated confident performance through partnering international financial institutions (IFIs) and the local banks. Crystal’s liquidity remained stable throughout 2 years of pandemic thanks to effective funding management and available NBG credit facility.
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JSC MFO Crystal is the leading financial inclusion organization and the largest by assets non-banking financial institution in Georgia. It manages the loan portfolio of GEL 373 million, employing more than 1,000 members of staff, operating through 50 branches and serving more than 120,000 unique customers across Georgia. Crystal acts as a platform for economic development providing micro and small entrepreneurs and farmers with innovative financial products and services. Crystal is the first Fitch-rated non-banking financial institution in the region. In December 2018, Crystal received nation’s responsible business award “Meliora“.