Fitch revises Georgian Oil to positive

Fitch Ratings said it revised the outlook on Georgian Oil and Gas Corp. JSC’s long-term foreign-currency issuer default rating to positive from stable and affirmed the rating at BB-.

The company achieved a score of 25 points under Fitch's government-related entity rating criteria.

The agency assesses its standalone credit profile (SCP) at BB-.

If the sovereign rating of Georgia is upgraded and Georgian Oil’s standalone credit profile is one notch below the sovereign, a one-notch uplift to the same rating as the government can be considered.

This underpins the outlook revision, Fitch explained.

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