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Garibashvili meets global rating agencies

25 November 2014 17:11 (UTC+04:00)
Garibashvili meets global rating agencies

By Mushvig Mehdiyev

Georgian Prime Minister Irakli Garibashvili visited London and met with officials from the global ratings agencies including Moody’s, Fitch Rating and Standard & Poor, discussing the reforms and business in Georgia, on November 25.

Garibashvili met with President and CEO of Fitch Group Paul Taylor and mulled the prospects of future cooperation. The sides also exchanged views on structural reforms in several fields.

"Changes and improvements are going on in Georgia. The prime minister has taken active steps to stabilize, improve and move the country forward. We are impressed with the progress in Georgia,” Taylor said.

Fitch Ratings affirmed Georgia's credit ratings at "BB-" and improved the outlook from stable to positive in its report in October.

The positive change resulted from several factors including the Association Agreement signed with the European Union, which provides the Deep and Comprehensive Free Trade Area agreement.

Garibashvili highlighted the business environment in Georgia in talks with the influential rating company. He noted the advantages of the AA rating by Standard & Poor, saying it shows that Georgia is moving closer to the EU.

"We talked about the rule of law, strengthening of the institutions in Georgia, as well as the developments that achieved in the past two years in education, tourism, healthcare and the political fields,” a representative from Standard & Poor said.

Moody's Investors Service upgraded credit rating of Georgia and changed the country’s "Ba3" sovereign rating outlook from stable to positive.

The Georgian government believes that the change to positive will make it easier for Georgian companies to attract credit resources.

Garibashvili expressed his confidence that the global ratings agencies assessed Georgia's development very positively and expected the outlooks for the country to be improved in the next years.

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