S&P Global Ratings has affirmed Georgia’s sovereign credit rating at ‘BB’ and maintained a Stable outlook.
According to the influential rating agency’s report, as a result of structural reforms implemented in recent years, Georgia’s fiscal and monetary policies are more prudent compared to those of regional peers. This has contributed to macroeconomic stability and an improved business environment.
The S&P Global report places particular emphasis on the National Bank of Georgia’s reserve accumulation policy. According to the document, international foreign exchange reserves increased sharply over recent months—by approximately 38% year-on-year—reaching a record high of USD 6.2 billion in December.
The rating agency notes that this accumulation reflects a combination of factors, including net foreign currency purchases of more than USD 2.4 billion by the National Bank, an increase in the value of gold assets, growth in tourism revenues, and rising remittance inflows.
In its review, the rating agency also assesses Georgia’s banking sector, stating that the banking system remains profitable within a prudent supervisory framework, supported by high capitalization levels, solid liquidity buffers, and stable credit growth.
Asset quality remains strong, while non-performing loans were maintained at a low level of 2.6% as of November 2025.
