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Fitch cuts Georgia
Fitch Ratings said it downgraded Georgia's long-term local- and foreign-currency issuer default ratings to B+ from BB-, and country ceiling to B+ from BB-, and affirmed the short-term foreign-currency issuer default rating at B.
The outlook is negative.
"The significant escalation in the military conflict between Georgian government forces and South Ossetian separatists in the last 24 hours and the elevated risk that Russia could become more deeply involved in the situation has materially increased downside risks to Georgia's sovereign creditworthiness," Edward Parker, head of emerging Europe sovereigns at Fitch, said in a written statement.
Rating strengths include a moderate level of government debt and dynamic economic growth performance, the agency noted.
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