S&P rates Georgia bond B+

Standard & Poor's said it assigned a B+ long-term senior unsecured debt rating to the $500 million eurobond due 2013 issued by the Government of Georgia (B+/positive/B). The bond has a recovery rating of 4, indicating recovery of about 30% to 50%.

Ratings are constrained by uncertainty arising from regional conflicts, as well as from the relatively low level of development with regard to political, legal and economic institutions, the agency said.

Supporting the ratings are an increasingly wealthy economy, the government's political commitment to prudent financial policies and market-oriented structural reforms, S&P said.

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