Fitch ups Georgia to BB-

Fitch Ratings said it affirmed Georgia's long-term foreign- and local-currency issuer default ratings at B+, along with its short-term foreign-currency issuer default rating at B and upgraded its country ceiling to BB- from B+. The ratings have been removed from Rating Watch negative.

The outlook is stable.

The inflow of massive international financial assistance is supporting Georgia's economy and creditworthiness following the war with Russia in August 2008 and the global financial crisis, Fitch said.

The risk of a third shock of major domestic political instability has receded as mass opposition demonstrations have dissipated, the agency added.

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