Standard&Poor's upgrades rating of Georgian Oil and Gas Corporation
Baku, Azerbaijan, October 16
By Tamilla Mammadova – Trend:
The S&P Global has upgraded the long-term rating of the Georgian Oil and Gas Corporation from B + to BB -, Trend reports with reference to S&P.
As indicated by the rating companies, the Georgian government attaches particular importance to the role of the Georgian Oil and Gas Corporation for energy policy.
"The corporation is a key tool to ensure the reliability of natural gas supplies, and is a representative of the Georgian government in large projects on oil and gas transit and the national oil company, which represents the state’s interests in its distribution agreements," said S&P.
The corporation is actively pursuing a policy of business diversification through the construction and operation of power plants, said the agency.
The rating agency also said the importance of the Gardabani-2 thermal power plant project, which is expected to be completed in the fourth quarter of this year. This project will significantly improve the financial position of the company and increase the country's energy security.