Fitch and S&P affirm GOGC’s ‘BB’rating
International rating agencies Fitch Ratings and Standard & Poor's have confirmed the rating of 'BB' to Georgian Oil and Gas Corporation (GOGC).
According to the corporation, the COGC's rating was equalised with the sovereign rating of the state which is the highest possible rating for the majority of companies operating in Georgia.
'The rating agencies noted that last year the assets of the corporation increased significantly compared with the previous year. This ranking score will allow it to raise funds on the international capital markets not only to the corporation, but also other companies in Georgia', GOGC's statement says.
In May 2012, GOGC placed Euro bonds worth $250 million at a rate of 6.875 per cent on the London Stock Exchange.
In addition, rating agencies noted that in the case of increasing the state's rating, that of the corporation will also increase.
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