Fitch upgrades Georgia’s long-term rating to BB

Fitch Ratings upgraded Georgia's long-term issuer default rating in foreign and local currency to BB- from B +, Georgian Prime Minister Nika Gilauri said at a news briefing in Tbilisi. He said the country's senior unsecured debt rating has also been raised to BB- from B +. "Upgrading reflects Georgia's strong growth indicators, government's successes in budget deficit, reducing inflation and increasing foreign exchange reserves," Gialuri said.

He stressed that Georgia is included in a list of rare countries which could raise its rating twice in a short period of time. "And it happens at a time when rating companies lower ratings of most countries, including European countries," Gilauri said. He stressed that Georgia's achievement is a result of economic reforms carried out in the country. "This is additional advertising for Georgia among investors, who are looking today for places to invest in," he said.


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