Fitch lifts Georgian Railway to positive

Fitch Ratings said it revised Georgian Railways JSC's outlook to positive from stable while affirming its long-term foreign- and local-currency issuer default ratings at B+.

The company's senior unsecured debt ratings also were affirmed at B+.

The outlook revision reflects the recent similar change on the Georgian sovereign, Fitch said.

The company is a national integrated railway transportation monopoly, which is indirectly 100%-owned by Georgia via national key asset manager – JSC Partnership Fund, the agency explained.

The company is a rare combination of monopoly and deregulated tariff-setting, Fitch said.

The state exercises adequate control and oversight over its activities, the agency said.

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