Fitch affirms Georgia’s sovereign credit rating at 'BB'

10:30, 13.02.2021

Fitch Ratings has affirmed Georgia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB’. The Outlook is Negative. Fitch Rating was published in Frankfurt on February 12.

Fitch forecasts real GDP growth of 4.3% in 2021 and 5.8% in 2022, after a pandemic-driven contraction estimated at 6.1% in 2020. Fitch projects Georgia’s economic recovery at a faster pace than the median growth rates of its ‘BB’ peers (4.0% in 2021 and 3.7% in 2022).

The Negative Outlook reflects the significant ongoing impact of the coronavirus pandemic on Georgia’s economy. Georgia’s ratings are supported by strong structural indicators, such as governance and business environment, relative to ‘BB’ category peers.

Fitch affirmed Georgia’s sovereign credit rating also at ‘BB’ in August of 2020.

By - Elene Dobordjginidze

Economics

Fitch Ratings