Georgia’s Debt Grade Being Reviewed by Moody’s, Saakashvili Says
Georgian President Mikheil Saakashvili said Moody’s Investors Service is reviewing the Black Sea nation’s debt rating, a week after it was raised one level to BB- by Standard & Poor’s.
“Georgia was one of few countries to have its rating upgraded and we’re proud of it,” Saakashvili told a Georgian- Armenian business conference today in the capital, Tbilisi. Economy Minister Vera Kobalia said in an interview today that she is scheduled to meet with Moody’s tomorrow.
Georgia is rated Ba3 by Moody’s, three levels below investment grade and equivalent to S&P’s assessment. S&P has a stable outlook on Georgia, meaning its credit score, which is one level higher than Ukraine and Albania, is more likely to remain unchanged than to be lowered or increased, the ratings company said in a Nov. 22 statement.
Georgia is seeking to revive its $11.7 billion economy by luring investments in energy and tourism. Gross domestic product grew 6.3 percent in 2010 after shrinking 3.8 percent the previous year. Economic growth may to accelerate to 7 percent this year, Saakashvili said.
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