Fitch affirms Georgia’s prognoses with "stable" outlook
By Jamila Babayeva
International rating agency Fitch Ratings has affirmed Georgia's long term Issuer Default Ratings (IDRs) in foreign and local currency at 'BB-'.
Georgia's short term IDR in foreign currency was affirmed at 'B', the Georgian Economy and Sustainable Development Ministry reported.
The ratings indicated the fiscal deficit shrank to 2.6 percent of GDP in 2013 on the back of lower capital expenditure, as well as the focus of the government to maintain GDP growth.
Fitch noted the decrease in the current account deficit doubled in Georgia last year to 5.9 percent of GDP, but this figure is still high.
The agency highlighted the high vulnerability of Georgia to external shocks, saying one of reasons is that 75 percent of government debt is foreign-currency denominated.