Fitch assigns Georgia eurobond BB-

Fitch Ratings said it assigned Georgia's five-year dollar-denominated eurobond a BB- rating, adding that the rating is in line with Georgia's BB- long-term foreign currency issuer default rating with stable outlook.

"Georgia's sovereign ratings are supported by its moderate government debt burden of 25% of GDP and dynamic economic growth rate that averaged 9.7% in the five years to 2007, propelled by an impressive record of structural reforms and massive foreign direct investment inflows," said Edward Parker, head of emerging Europe sovereigns at Fitch.

"However, political and economic weaknesses, including a substantial current account deficit, pose risks to the country's rapid development path."

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