Fitch affirms Georgia

Fitch Ratings said it affirmed Georgia's long-term local- and foreign-currency issuer default ratings at BB-, its country ceiling at BB- and its short-term foreign-currency issuer default rating at B.

The outlook is stable.

The agency said Georgia's sovereign ratings are supported by its moderate government debt burden of 25% of GDP and dynamic economic growth rate that averaged 9.7% in the five years to 2007, propelled by an impressive record of structural reforms and massive foreign direct investment inflows.

However, political and economic weaknesses, including a substantial current account deficit, pose risks to the country's rapid development path, Fitch added.

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