Standard & Poor’s affirms Georgia at ‘BB/B’ with stable outlook
Maintaining the positive trend of fiscal parameters is considered as a trigger for rating improvement by the S&P. Photo: Nino Alavidze/Agenda.ge
Tweet 
Share
Standard & Poor's Global Ratings has affirmed Georgia’s long- and short-term foreign and local currency sovereign credit ratings at 'BB/B' with a stable outlook.
S&P “positively” assessed the country’s progress achieved in economic growth and fiscal consolidation and noted the trend would continue in 2024, the Finance Ministry said on Saturday.
The Agency said the parameters of the budget planned for 2024 indicated “a high level” of fiscal discipline, emphasising the low level of government debt as “a strength of the rating”
Maintaining the positive trend of fiscal parameters is considered as a trigger for rating improvement by the S&P.
The rating predicts Georgia’s economic growth at five percent in 2024, noting “growth in the medium term is expected at the same level”.
The Agency positively evaluated the acceptance of the European Union candidate status by Georgia in December 2023 and said it expected that it would further encourage reforms in the country.
Fitch Ratings, a global credit rating agency, has affirmed Georgia’s Long-Term Foreign-Currency Issuer Default Rating status at ‘BB’ rating, also maintaining the assessment of the financial outlook for the country’s financial developments as “positive”.
The Georgian economy is projected to grow 4.8 percent in 2024 in the January edition of the World Bank’s Global Economic Prospects report, published on Wednesday.
Fitch Ratings, a global financial ratings firm, in its update on Friday, has affirmed Georgia’s Long-Term Foreign-Currency Issuer Default Rating status at a BB level, revising the financial outlook for the country’s financial developments from “stable” to “positive”.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Monday said the latest review of Standard & Poor's, an American credit rating agency, “confirmed” the Georgian banking system was “developing sustainably” and confidence in the sector was “high”.