PM discusses Georgia’s reforms with global ratings agencies in London

PM Garibashvilis's meeting with the representatives of Fitch Group in London on Nov 24, 2014., 25 Nov 2014 - 13:05, Tbilisi,Georgia

Georgia’s Prime Minister Irakli Garibashvili is in London and has met officials from global ratings agencies including Moody’s, Fitch Rating and Standard & Poor, and discussed reforms that have been implemented in the country as well as Georgia’s business climate.

Garibashvili met the president and chief executive officer of Fitch Group Paul Taylor and discussed the prospects of future cooperation. The pair also exchanged views on structure reforms in a range of sectors.

"Changes and improvements are going on in Georgia. The Prime Minister has taken active steps to stabilise, improve and move the country forward. We are impressed with the moves that have been made,” said Taylor after meeting the Georgian delegation, which also included Vice Prime Minister and Economy Minister Giorgi Kvirikashvili.

In October Fitch Ratings affirmed Georgia's credit ratings at ‘BB-’ and advanced the outlook from ‘stable’ to ‘positive’.

The positive change was based on several factors including the Association Agreement (AA) Georgia signed with the European Union, which included the Deep and Comprehensive Free Trade Area (DCFTA) agreement.

Meanwhile, the business environment of Georgia was another topic heavily discussed with influential rating company Standard & Poor.

A press statement noted Garibashvili highlighted the advantages of the AA, which meant the country was moving closer to the EU and had become more attractive in different directions.

The Georgian Prime Minister also spoke about the offers the Georgian Government had made to the foreign business sector to further enhance foreign investments and export growth in the country.

Standard & Poor officials told Georgian media that the parties exchanged views on making Georgia a true democracy.

"We talked about the rule of law, strengthening of institutions in Georgia as well as the developments that happened in the past two years in education, tourism, healthcare and the political development,” a Standard & Poor representative said.

In August, Moody’s Investors Service upgraded Georgia’s credit rating and changed the country’s ‘Ba3’ sovereign rating outlook from ‘stable’ to ‘positive’.

Georgia’s Government believed that change would make it easier for companies to attract credit resources.

Garibashvili was confident that global ratings agencies has assessed the country’s development very positively and expected Georgia’s outlooks to be upgraded in the next years.