S&P ups Georgia

S&P said it upgraded long-term rating for the government of Georgia to BB, citing the expectation that the National Bank of Georgia will keep accumulating foreign exchange reserves, in both gross and net terms, which should help mitigate balance-of-payments risks.

“The government and central bank’s policy initiatives should support growth even as key trading partners exhibit weaker economic dynamics,” said S&P in a press release.

The outlook is stable.

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