Standard & Poor’s affirms Georgia at ‘BB/B’ with stable outlook

Standard & Poor's Global Ratings has affirmed Georgia’s long and short-term foreign and local currency sovereign credit ratings at 'BB/B' with a stable outlook, Azernews reports, citing Agenda.

S&P “positively” assessed the country’s progress achieved in economic growth and fiscal consolidation and noted the trend would continue in 2024, the Finance Ministry said on Saturday.

The Agency said the parameters of the budget planned for 2024 indicated “a high level” of fiscal discipline, emphasizing the low level of government debt as “a strength of the rating”

Maintaining the positive trend of fiscal parameters is considered as a trigger for rating improvement by the S&P.

The rating predicts Georgia’s economic growth at five percent in 2024, noting “growth in the medium term is expected at the same level”.

The Agency positively evaluated the acceptance of the European Union candidate status by Georgia in December 2023 and said it expected that it would further encourage reforms in the country.