Fitch upgrades Georgian Railways

Fitch Ratings said it upgraded Georgian Railways JSC's long-term foreign- and local-currency issuer default ratings to BB- from B+.

The outlook is stable.

The company's senior unsecured debt ratings also were upgraded to BB- from B+.

The actions follow the upgrade of Georgia, 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 noted.

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