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S&P cuts Georgia Capital
S&P said it downgraded Georgia Capital to B from B+, citing an increased leverage ratio due to the coronavirus outbreak.
“The downgrade reflects the decline in Georgia Capital's portfolio value by about 25% (after applying a 30% haircut on unlisted assets' most recent values) since July 2019 and the lari's depreciation of about 20% at its peak versus the U.S. dollar in recent months,” said S&P in a press release.
“Georgia Capital's current leverage is higher than the 30% LTV ratio commensurate with our B+ rating. Therefore we lowered our rating to B,” said S&P.
The outlook is stable.
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