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S&P gives Georgia Capital, bond B+
S&P said it assigned its B+ preliminary long-term rating to Georgia Capital JSC.
The outlook is stable.
The agency also assigned a preliminary B+ rating to the $300 million proposed senior bond to be issued by Georgia Capital.
Georgia Capital is planning to demerge from BGEO Group plc. If the proposed demerger is finalized by mid-2018 as outlined, Georgia Capital is expected to maintain a 19.9% equity stake in Bank of Georgia Group plc.
S&P said the preliminary ratings reflect Georgia Capital's limited portfolio size and diversification, as well as its sole exposure to the economic and business development in the Government of Georgia (BB-/stable/B).
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