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Feb 25, 2019
Fitch upgrades Georgia’s credit rating to ‘BB’
- On February 22, Fitch Ratings upgraded Georgia’s sovereign credit rating from ‘BB-’ to ‘BB’ with stable outlook.
- The improved credit rating reflects proven resilience of the economy towards unfavorable external developments as a result of diversified sources of inflows, narrowing CA deficit, prudent monetary and fiscal stance, floating exchange rate, NBG buying reserves and sustained FDI inflows supported by new free trade agreements and large projects the Anaklia deep sea port being the most important to be highlighted.
- Fitch also stressed that the banking sector remains sound and profitable, with robust capitalisation, adequate liquidity and good asset quality. In addition, introduced macro-prudential measures will further strengthen the banking sector resilience.
- Full rating action commentary can be found on the following link. The next review of Georgia’s credit rating is scheduled on August 16 2019.