S&P alters Georgian Oil view to negative

S&P said it revised Georgian Oil and Gas Corp. JSC’s outlook to negative from stable.

“The outlook revision on GOGC mirrors the similar action on Georgia. Our rating on GOGC currently includes one notch of uplift to reflect our expectation of a very high likelihood of state support. The negative outlook on the sovereign implies the risk of weaker state support going forward,” S&P said in a press release.

The agency also affirmed GOGC’s BB- issuer and senior unsecured notes ratings.

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