Fitch affirms Georgia

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

The outlook is stable.

The Georgian economy is showing signs of recovery after the severe shocks of the 2008 war with Russia, Fitch said, and the global financial crisis, helped by huge international financial assistance.

However, risks remain over the extent of the revival in private sector capital inflows and fiscal retrenchment needs to continue in order to return the country to a sustainable macroeconomic position, the agency said.

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