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Fitch Revises Georgian Railway’s Outlook to Positive; Affirms at ‘B+

Fitch Ratings has revised JSC Georgian Railway’s (GR) Outlook to Positive from Stable while affirming the entity’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘B+’. GR’s senior unsecured debt ratings have been also affirmed at ‘B+’. A full list of rating actions is at the end of this commentary.

The revision of the Outlook to Positive reflects the recent similar change on the Georgian sovereign (BB-/Positive). The ratings reflect our assessment of GR’s standalone credit profile (SCP), which combined with Fitch’s application of a top-down approach under its Government-Related Entities (GRE) Criteria, leads to one-notch differential of the company’s ratings with Georgia.