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S&P lifts Georgia Capital
S&P said it raised Georgia Capital JSC’s issuer and issue ratings to B+ from B.
“Over 2021, GC's portfolio value markedly increased owing to a good rebound in asset prices and GEL appreciation against the U.S. dollar. For example, Bank of Georgia (19.9% owned by GC and its only listed asset) is currently trading at about £1.55 per share, which is 40% higher than a year ago. We also note that GC's private assets experienced the same positive trend,” S&P said in a press release.
The agency noted that GC’s recent sale of its 65% stake in Georgia Global Utilities for $180 million, an internal rate of return of 20% in U.S. dollars, displays GC's ability to sell assets with good returns.
The outlook is stable.
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