Fitch Ratings affirms Georgian Oil and Gas Corporation’s rating with Stable outlook

Photo: Fitch Ratings affirms Georgian Oil and Gas Corporation’s rating with Stable outlook / Oil&Gas

Tbilisi, Georgia, April 25

By Nana Kirtzkhalia - Trend:

Fitch Ratings affirmed the Georgian Oil and Gas Corporation's rating at "BB-", equated to the sovereign rating with "Stable" outlook.

"This is the maximum rating for public companies operating in Georgia," the corporation said.

The corporation placed Eurobonds worth $ 250 million with an annual interest rate of 6.875 percent on the London Stock Exchange in May 2012.

The corporation allocated these funds for the construction of a thermal power station with a combined cycle in Gardabani. The construction work will be completed in October 2015.

The company's rating equalized with Georgia's rating will positively affect the image of the Georgian Oil and Gas Corporation and making its history. In the future it will simplify the issue of drawing the funds at the international capital markets for the corporation and other Georgian companies.

Translated by NH
Edited by CN

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