Fitch upgrades Georgia

Fitch Ratings said it upgraded Georgia's long-term foreign- and local-currency issuer default ratings to BB- from B+, along with the country ceiling to BB and senior unsecured debt to BB- from B+.

The agency also said it affirmed the short-term foreign-currency issuer default rating at B.

The outlook is stable.

The upgrade reflects Georgia's strong growth performance, the government's progress in reining in the fiscal deficit, a reduction in inflation and a rise in foreign-exchange reserves, Fitch said.

Georgia has reduced its budget deficit to an estimated 3.7% of GDP in 2011 from 6.6% of GDP in 2010, the agency said.

General government debt is set to decline in 2012 to 2013 from the peak of 37% of GDP reached in 2010, Fitch added.

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