Forecast change on Moody's rating to allow Georgia to increase external borrowing

Photo: Forecast change on Moody's rating to allow Georgia to increase external borrowing  / Georgia

Tbilisi, Georgia, Aug.26

By Nana Kirtzkhalia - Trend:

Changing of the forecast on the sovereign rating of Georgia from "stable" to "positive" by the Moody's Investors Service international rating agency is extremely important for the country, Deputy Prime Minister, Minister of Economy and Sustainable Development Giorgi Kvirikashvili announced at a meeting of the Government of Georgia Aug. 26.

"It is very good not only on the part of government loans, but also for attraction of loans from international capital markets by the private sector ", he said.

It regards both the financial institutions and the companies having credit relations with foreign partners.

Moody's Investors Service submitted the Georgia's rating at "Ba3" level.

The statement of the rating agency reports that the main factor for the rating forecast change is the entry into force of a deep and comprehensive free trade area of Georgia with the EU expected in September.

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