Fitch Assigns JSC Georgian Oil and Gas Corporation's Notes 'BB-' Rating

27 April, 2012
International rating company Fitch assigned JSC Georgian Oil and Gas Corporation's notes 'BB' rating. The ratings are based upon the linkage of GOGC to Georgia's sovereign rating. The Rating Outlook is Stable.

Analysts at Fitch Ratings consider that GOGC's role as national energy company will remain critical to the Georgian economy.

According to Fitch press-release GOGC’s management links to the government are extremely strong and, despite plans for a minority stake sale in future, majority state ownership is consistent with Georgia's ongoing reform program.

Tangible financial assistance has been advanced by the Georgian state over recent years, and the Georgian government has underlined its commitment to continue supporting the financial health of GOGC in its discussions with Fitch.