Fitch shifts Georgia view to negative

Fitch Ratings said it revised the outlook on Georgia’s long-term foreign-currency issuer default rating to negative from stable and affirmed the IDR at BB.

The outlook revision reflects the evolving impact of the Covid-19 pandemic on Georgia. This significant shock will lead to a sharp contraction of Georgia's small and open economy with a high dependence on tourism, deterioration in fiscal accounts including markedly higher public debt and increased risk stemming from Georgia's higher external debt and wider structural current account deficit relative to the median of its BB category peers,” said Fitch in a press release.

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