Standard & Poor`s upgraded credit rating of Georgian Railway
Georgia, Tbilisi, March 16 /Trend N.Kirtzkhalia/
International agency Standard & Poor `s has upgraded the state's credit rating of the Georgian Railway from B + to BB-, the financial director of Georgian Railway Giorgi Gagnimdze told reporters on Friday.
Gagnimdze said the credit rating confirms the great capacity of the Georgian Railway to pay its way and its ability to service its obligations.
"It is a great success of our company which means that management is working well and it is due to the successful growth of the economy of the country," Gagnidze said.
He emphasised that Georgian Railways is the only state-owned company that continually improves its performance in the ratings.
"Improvement of the rating will allow us to attract capital for further development of the railroad," Gagnidze said.
The rating was upgraded from B + to BB- rating by Fitch agency in December 2011.