The Rating Agency Standard & Poor's raises the rating of Georgian Oil and Gas Corporation JSC (GOGC) to 'B+' from 'B'

The media release issued by the Rating Agency states that the key factor of upgrade is the operation performance achieved by Georgian Oil and Gas Corporation JSC, in particular, favorable operating cash flows and expectations of the Agency that GOGC will continue posting positive results over 2014-2015.

Earlier in May 2012, GOGC successfully placed USD 250 million Eurobond with 6.875% interest rate in London Stock Exchange. The attracted funds were used for construction of Gardabani Combined Cycle Power Plant, which is expected to be put into operation by the end of 2015.

According to GOGC, the rating upgrade by the leading international Rating Agency is a significant factor for the positive image of the company, creation of its positive history which will facilitate attraction of financial resources at International Stock Exchanges for GOGC as well as other Georgian companies.