22 Nov 2011 19:48

S&P ups Georgia rating to 'BB-' from 'B+'

LONDON. Nov 22 (Interfax) - International rating agency Standard & Poor's has improved Georgia's credit rating to 'BB-' from 'B+', the agency said in a press release.

Georgia retains its commitment to market policy and budget consolidation, S&P said. The agency also notes what it sees as rather strong prospects for the country's growth and stabilization of its political climate, despite unfavorable prevailing internal factors.

Georgia's budget deficit this year will decrease to 3.7% of GDP from 9.2% posted for 2009, S&P forecasts.

The outlook on the country's ratings is "Stable".