S&P ups Georgian Oil and Gas, affirms Georgian Railway

S&P said it raised its ratings on Georgian Oil and Gas Corp. (GOGC) to BB- and affirmed its B+ ratings on Georgian Railway JSC (GR) and its debt.

The stable outlook on Georgian Oil and Gas reflects that on the sovereign.

The developing outlook for Georgian Railway reflects the possibility of a range of rating outcomes depending on state support as well as the company's ability to improve its operating performance and capital structure, and maintain adequate liquidity, S&P said.

The rating action on Georgian Oil and Gas follows the similar action on Georgia. It also reflects S&P’s view of a very high likelihood of extraordinary state support for the company and its unchanged stand-alone credit profile of b+, S&P said.

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