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Fitch Revises Outlook on Georgia’s JSC Partnership Fund to Positive

Fitch Ratings has revised Georgia-based JSC Partnership Fund’s (PF) Outlook to Positive from Stable while affirming the entity’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BB-‘. The agency has also affirmed the company’s Short-Term Local Currency IDR at ‘B’.

The revision of the Outlook follows a recent similar action on Georgia (see ‘Fitch Revises Georgia’s Outlook to Positive; Affirms at ‘BB-”, dated 16 March 2018 at www.fitchratings.com and reflects the equalisation of PF’s ratings with those of Georgia (BB-/Positive/B).

Based on its Government Related Entities (GRE) Criteria, Fitch classifies PF as an entity with strong linkage to the Georgian sovereign and assesses the probability of the Georgian government to provide extraordinary support to the company as high. Fitch applies a top-down approach, which irrespective of PF’s standalone credit profile, leads to an equalisation of PF’s ratings with the sovereign’s.