Tbilisi, Georgia, Nov. 21
By Nana Kirtzkhalia - Trend:
Fitch Ratings the international rating agency has affirmed Georgia's long term Issuer Default Ratings (IDRs) in foreign and local currency at 'BB-'. According to the report, the ratings outlook is 'stable'.
According to the Georgian Ministry of Economy, Fitch has also affirmed Georgia's short term IDR in foreign currency at 'B' and the country ceiling rating at 'BB'.
Moreover, the country's ratings as the issuer of senior unsecured bonds in foreign and national currency were affirmed at 'BB-'.
Georgia shows 'institutional progress', but political risks remain, the agency said.
Georgia's GDP fell by 1.7 per cent in January - September 2013, but is expected to accelerate economic growth rates to five per cent in the future.