Georgian PM on Fitch ratings:
“Georgia is the only country in the region to move up in the rating”
Fitch has upgraded Georgia's rating to 'BB' from 'BB-'. The outlook is stable. Photo: Gov't of Georgia.
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Georgian Prime Minister Mamuka Bakhtadze has responded to Georgia’s improved standing in the Fitch rating.
Bakhtadze noted that of particular import is the fact that Georgia is the only country in the region which moved up in the Fitch rating.
Fitch has upgraded Georgia's rating to 'BB' from 'BB-'. The outlook is stable. Fitch explained the upgrade was due to the trend that the Georgian economy had proved resilient to negative developments in 2018.
Bakhtadze said that the promotion in the international rating agency means that the Georgian economy is now more competitive and the country will be able to attract more investments and create more jobs.
Great news from @FitchRatings. #Georgia’s sovereign rating has been upgraded to ‘BB’ from ‘BB-’ with a stable outlook. Georgia is transforming into a regional hub w/robust & resilient economy w/ 4.8% economic growth in 2018. @GovernmentGeo
— Mamuka Bakhtadze (@BakhtadzeMamuka) February 25, 2019
He said that this rating is a clear example for him that “we will achieve success in our main strategy and make Georgia an economic centre of the region”.
Bakhtadze explained that Fitch made this “important decision” as Georgia had reduced the current account deficit, diversified economy and implemented right fiscal and monetary policy.
This is unambiguous support that the government of Georgia is implementing the right economic policy… and I want to sort out the larisation strategy… every reform or initiative that is implemented by our government aims to create stable fiscal and microeconomic environment that will further affect positively to the rating”, said Bakhtadze.
Fitch has also praised Georgia’s pension reform and said that the recently launched funded pension pillar will likely encourage savings in the country.
Fitch expects Georgia's economic growth to increase in 2019 due to a pick-up in capital spending, which dipped last year while inflation is forecasted to remain in line with the central bank's target of 3 percent in 2019-2020.
Global rating agency Fitch Ratings has revised the outlook on Georgia’s sovereign credit rating from stable to positive, announced Georgia’s Ministry of Economy today. The revision of the outlook to positive reflects the key rating drivers such as maintaining a stable macroeconomic environment, showing resistance to shocks and ensuring a favorable business environment.
Global rating agency Fitch Ratings has assessed Georgia’s Issuer Default Ratings (IDR) at 'BB-'. The outlook is positive, says Fitch. Fitch projects real GDP growth to average 4.8 per cent in 2019-2020, compared with 3.5 per cent across 'BB' category sovereigns.
Global rating agency Fitch Ratings praises Georgia’s fiscal policy, which was implemented in the country in November 2016.
Fitch has reaffirmed Georgia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a stable outlook. Fitch first upgraded the country’s rating to 'BB' from 'BB-' earlier in February.
Standard & Poor's (S&P) Global Ratings has raised its long-term foreign and local currency sovereign credit ratings on the Government of Georgia to 'BB' from ‘BB-’. It also affirmed the short-term ratings at 'B'. The outlook is stable.
Officials in Georgia have welcomed Georgia's upgrade in Standard & Poor's (S&P) long-term foreign and local currency sovereign credit ratings from "BB-" to "BB".
Georgia 12th in world and 6th in Europe
Georgia’s economic freedom score is 77.1, making its economy the 12th freest in the 2020 Index of Economic Freedom by the Heritage Foundation.
Georgia has improved its position in all 12 categories in the SME Policy Index - 2020 published by the Organisation for Economic Cooperation and Development (OECD) since the previous report that was published in 2016, announces the Georgian Ministry of Economy.
Global Fitch has confirmed Georgia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB’ with a negative outlook. Fitch notes in its report that Georgia's ratings are supported “by strong structural indicators” such as governance and business environment relative to 'BB' category peers.