Fitch upgrades Georgia

Fitch Ratings said it upgraded Georgia's long-term foreign-currency issuer default rating to BB from BB-.

The outlook is stable.

The upgrades reflect the Georgian economy, which proved resilient during negative developments in 2018, Fitch said.

Economic growth remained robust, the currency was relatively stable and the National Bank of Georgia built reserves despite a severe economic shock in Turkey and heightened sanctions risk in Russia, the agency explained.

Georgia's resilience reflects a diversification of sources of current account inflows, the floating exchange rate and prudent fiscal and monetary policy settings, underpinned by steadfast adherence to its International Monetary Fund program, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.