Fitch Advances Georgia’s Rating
The rating agency Fitch Ratings Inc., advanced Georgia’s rating forecast from stable to positive. The rating agency has determined the country’s long-term foreign currency rating at BB- level.
The rating agency states that last year, Georgia’s economy grew by 4,8%, which is a big increase (2,8%) compared to 2016.
This year, Fitch expects 4,6% economic growth in Georgia and 4,9% is the expectation for 2019.
Fitch states that the reason for advancement of the rating is the existence of favorable external factors and increased internal demand. The agency notes that the increase of the internal demand was mainly caused by the increase of capital expenses by the government.