Fitch Ratings Revises Georgia's Outlook to Positive, Keeps BB Rating

Credit rating agency Fitch Ratings has revised Georgia's sovereign rating outlook from stable to positive. The rating itself is unchanged and remains at BB. According to the Finance Ministry, the agency published its assessment of Georgia on October 30, 2026.

According to the ministry, the assessment document notes that Georgia continues to maintain economic and fiscal stability.

"The positive outlook on the rating is driven by the rapid accumulation of international reserves, a low current account deficit and high economic growth. Georgia's rating is also supported by the prudent fiscal policy pursued, moderate government debt and a stable banking system."

According to the rating company's assessment, despite heightened geopolitical risks and high energy prices, the country maintains strong economic growth, driven by investment and high export growth. Average economic growth in 2023-2025 exceeded 8%. Fitch Ratings expects that Georgia's real economic growth will also remain higher than in countries with similar ratings in the medium term.

The agency continues to assess Georgia's fiscal policy framework as prudent and transparent. This is accompanied by structural reforms that support macroeconomic stability and an improved business environment.

The information highlights that the budget deficit relative to GDP is well below the level permitted by the fiscal rule. Public debt relative to GDP has a declining trend, while external debt consists mostly of concessional loans from international financial institutions.