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Fitch Approves BB Prognosis for Partnership Fund

Fitch Ratings international rating agency has confirmed the Partnership Fund’s rating at BB-Stable level. The agency has published the Partnership Fund’s rating on September 8.

According to the agency press release, the Fund’s long-term foreign currency rating is BB, while the long-term domestic currency rating is BB-; the short-term foreign currency rating is B and the prognosis is Stable.

The Partnership Fund owns shares of Georgian Railway, Georgian Oil and Gas Corporation (GOGC), Georgian State Electrosystem (GSE) and TELASI. Operation of the Partnership Fund is regulated by the special legislation that stresses its uniqueness and special status.

The Fitch report is a serious signal for investors, when the Georgian government considers the economic development as a main priority. Fitch considers the Partnership Fund as an strategic organization for the Georgian government. The Government applies the Fund as the financial engine in the state economy. The Fund is managed by a supervisory board at the head of the Prime Minister, the Fitch Rating’s press release reads.