The rating company Fitch left Georgia’s credit rating at “BB-” level with a positive perspective. Ekaterine Miqabadze, Deputy Minister of Economy and Sustainable Development stated that the rating company positively evaluates the current situation in Georgia due to the provision of a favorable business and governing environment and maintaining macroeconomic sustainability in the region.
According to Ekaterine Mikabadze, the rating company highlighted the high economic growth expected in the country as a result of domestic demand (mainly investment) and export growth.
According to Fitch, Georgia’s economic growth forecast for the 2019-2020 is an average 4.8 percent, significantly higher than the median 3.5 percent of the BB category.
According to Ekaterine Mikabadze, “Fitch ratings have had a positive impact on such factors as Georgia’s cooperation with the International Monetary Fund and the successful process of the program; Business environment in the country; Convergence with the targeted inflation rate, improvement in public finance management and so on.
It should also be noted that the credit company Fitch estimates that Georgia has a real possibility, even with the existing external debt and current account deficit, even improving credit ratings at 1 stroke and moving countries with “BB”.
According to the Deputy Minister of Economy and Sustainable Development, the credit rating company’s sharp positive assessments are important for further investment attractiveness of Georgia and attract high quality capital in the country.
In March 2018, the rating company “Fitch” has improved the prospect of sovereign credit rating of Georgia from the stability to the positive direction.