Fitch revises Georgia to positive

Fitch Ratings said it revised the outlook on Georgia's long-term foreign- and local-currency issuer default ratings to positive from stable and affirmed the ratings at BB-.

Fitch said Georgia's growth prospects compare favorably with the BB rated peer group, where median five-year average growth is estimated to be 3.5%.

“Georgia's economy grew an estimated 4.8% in 2017, after 2.8% in 2016, and under Fitch's latest projections looks set to achieve real GDP growth of 4.6% and 4.9% in 2018 and 2019, respectively,” the agency said in a news release.

“Composition of growth is expected to be broad-based, supported by a favorable external environment supporting growth in exports and remittances, as well as higher domestic demand driven by an increasing government drive towards higher capital spending.”

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