S&P revises Georgian Railway view to negative

S&P said it revised the outlook for Georgian Railway to negative reflecting refinancing risk.

The company has $500 million of bonds maturing in July 2022 and S&P said it sees increasing refinancing challenges.

The local market isn’t big enough to provide sufficient liquidity and the company will likely turn to international capital markets, which remain challenging for emerging markets’ issuers, or rely on state support, S&P said.

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