Officials welcome Georgia's upgrade in Standard & Poor's sovereign credit rating
S&P Global Ratings has recently upgrated Georgia to 'BB' from 'BB-' with stable outlook. Photo: Nino Alavidze/Agenda.ge
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Officials in Georgia have welcomed Georgia's upgrade in Standard & Poor's (S&P) long-term foreign and local currency sovereign credit ratings from "BB-" to "BB".
Prime Minister Giorgi Gakharia named a number of reasons in his Twitter post, which served as preconditions for the upgrade.
#Georgia's Sovereign Credit Rating raised to BB w/ stable outlook by @SPGlobalRatings. S&P's upgrade is due to #high growth rate, #strengthened economic resilience, overall predictability, #strong institutional framework, & government's #reform focus.https://t.co/hELVPxrZWq
— Giorgi Gakharia (@GakhariaGiorgi) October 12, 2019
Foreign Minister David Zalkaliani said Georgia maintains leading positions in international rankings and is developing in a “sustainable and stable way”.
Georgia maintains leading positions in the international rankings. The ranking company „S&P“ improved the sovereign ranking of Georgia from ”BB-“ to “BB“. ???????? is being developed in a sustainable & stable way & t/reforms carried out in our country are consistent and result oriented https://t.co/ZzOsfZbBoi
— David Zalkaliani (@DZalkaliani) October 12, 2019
Former Prime Minister Mamuka Bakhtadze also welcomed the news on Twitter.
Want to congratulate everyone with @SPGlobal’s update on Georgia's #SovereignCreditRating to BB Stable. Its important that S&P acknowledges Georgia's Pension & Land registry reform, VAT refund reform, infrastructural development & our National Idea - Education reform.
— Mamuka Bakhtadze (@BakhtadzeMamuka) October 12, 2019
S&P said in its recent report that Georgia has maintained comparatively high growth rates over the past few years, even in a challenging external environment.