Tbilisi, Georgia, May 13
By Nana Kirtzkhalia - Trend:
Fitch Ratings international rating agency affirmed Georgia's long-term IDR in foreign and local currency at "BB-" ("BB" country ceiling rating).
Short-term foreign currency IDR was affirmed at "B", the Georgian Economy Ministry said on May 12.
Georgia's ratings reflect a reduction of the budget deficit to 2.6 percent in 2013 following the decline in state spending, as well as the government's intention to maintain GDP growth.
Fitch stressed the twofold decrease in the current account deficit to 5.9 percent of GDP in Georgia in 2013, although this figure is still high.
The agency highlights Georgia's high vulnerability to external shocks, one of the factors - 75 percent of state debt is nominated in foreign currency.
Edited by CN