Fitch Ratings - Frankfurt am Main - 27 Aug 2025: Fitch Ratings has affirmed JSC Microbank Crystal's (Crystal) Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook and subsequently withdrawn its ratings.  

Fitch has withdrawn the entity's ratings for commercial reasons. Therefore, Fitch will no longer provide ratings or analytical coverage of the issuer.

KEY RATING DRIVERS 

Prior to its withdrawal, Crystal's IDR reflected its robust profitability, underpinned by a solid net interest margin, reasonable asset quality metrics and adequate capitalisation. The ratings were constrained by Crystal's niche franchise, specialised in unsecured micro and consumer lending, predominantly in rural regions of Georgia, and reliance on wholesale funding, as deposit accumulation following its transition to a microbank, will only be gradual. 

For further details of the key rating drivers for Crystal's IDR, see 'Fitch Affirms Microbank Crystal at 'B'; Outlook Stable', dated 19 June 2025 at www.fitchratings.com).

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

Not applicable as the ratings have been withdrawn

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

Not applicable as the ratings have been withdrawn.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG CONSIDERATIONS

Crystal has an ESG Relevance Score of '4' for Exposure to Social Impacts due to its business model being focused on the under-banked population, which facilitates access to funding from international financial institution. This has a positive impact on Crystal's credit profile and is relevant to the ratings in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.