Fitch Affirms Georgian Oil and Gas Corporation at 'BB-'; Outlook Stable

24 April, 2014
Fitch Ratings has affirmed JSC Georgian Oil and Gas Corporation's (GOGC) a Long-term foreign and local currency Issuer Default Rating (IDR) of 'BB-' Outlook Stable. The ratings are based upon the linkage of GOGC to Georgia's sovereign rating.

GOGC successfully placed USD 250 million Eurobond with 6.875% interest rate in London Stock Exchange in May, 2012.The proceeds from the bond issue goes towards construction of the Gardabani Combined Cycle Power Plant. The power plant is expected to become operational in October, 2015.

The company considers that, the affirmed rating positively influences GOGC’s image, it also creates positive history that will enable GOGC, as well as other companies in Georgia to attract financial resources from International Stock Exchanges