G&C's business growth and operating performance has strengthened its business base to a level commensurate with larger, now similarly rated peers. We are raising our long-term issuer credit rating on G&C to 'BBB' from 'BBB-' and our short-term issuer credit rating to 'A-2' from 'A-3'. The stable outlook reflects our expectation that G&C will be able to maintain its good recent growth momentum and financial performance relative to system and mutual peers over the next two years, including under anticipated more stressful economic conditions and heightened competition. On March 13, 2020, S&P Global Ratings raised its long-term and short-term issuer credit ratings on G&C Mutual Bank Ltd. (G&C) to 'BBB' from 'BBB-', and to 'A-2' from 'A-3', respectively. The outlook
