Fitch Ratings affirms GOGC at 'BB-' Outlook Stable
29 April, 2013
Fitch Ratings has affirmed JSC Georgian Oil and Gas Corporation's Long-term foreign currency Issuer Default Rating (IDR) at BB-' with a Stable Outlook and senior unsecured rating on its USD250m bond maturing in 2017 at 'BB-'.
The ratings for wholly state-owned GOGC are aligned with the sovereign's as the government of Georgia (BB-/Stable) considers the company critical to national energy policy. In aligning the ratings, Fitch considers the 100% indirect state ownership and strong management and governance linkages between GOGC and the state. Fitch views GOGC's standalone profile as commensurate with a 'B+' rating due to the company's small size, limited operations and funding issues related to new projects.
The ratings for wholly state-owned GOGC are aligned with the sovereign's as the government of Georgia (BB-/Stable) considers the company critical to national energy policy. In aligning the ratings, Fitch considers the 100% indirect state ownership and strong management and governance linkages between GOGC and the state. Fitch views GOGC's standalone profile as commensurate with a 'B+' rating due to the company's small size, limited operations and funding issues related to new projects.