Fitch affirms Georgian Railway

Fitch Ratings said it affirmed Georgian Railway LLC's long-term foreign- and local-currency issuer default ratings at B+ and short-term foreign- and local-currency issuer default ratings at B.

Fitch also said it affirmed the company's foreign- and local-currency senior unsecured ratings at B+ and recovery ratings at RR4.

The outlook is positive.

The ratings are aligned with the sovereign ratings of Georgia, reflecting the 100% state ownership and importance to the local economy, its strategic importance as the regional transit corridor and government backing for its two key investment projects, Fitch said.

The ratings are constrained by the company's small scale of operations and revenues compared to other peer railway operators, the agency said.

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