Georgian Railway and Azerbaijan railway company plan to establish a joint company, according to S&P Global Ratings.
The joint company will operate in the Georgian section of Baku-Tbilisi-Karsi railroad.
At the same time, the rating company has revised Georgian Railway rating and lowered it to the Outlook of Negative from Positive at B+/B level.
“Georgian Government has built the Georgian section of Baku-Tbilisi-Karsi railway by a loan of Azerbaijan Government. The two countries will establish a joint company that will manage the Georgian section”, S&P expert says.
The first test train in Baku-Tbilisi-Kars railroad was off on January 29, 2015. Currently, a major part of the project has been finished and it will launch operation in the near future.