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Tbilisi: Georgia seeks international credit rating

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  • Tbilisi: Georgia seeks international credit rating

    Georgia seeks international credit rating

    Kavkasia-Press news agency
    10 Jun 05

    TBILISI

    Georgia has started making arrangements to obtain a sovereign credit
    rating. Finance Minister Valeri Chechelashvili said at a news
    conference today that for the first time in its history Georgia had an
    ambition to satisfy the required parameters and obtain the
    internationally recognized rating.

    A sovereign credit rating is an indicator of a country's financial and
    political stability used as a risk assessment tool by foreign
    investors. Currently Azerbaijan has its sovereign credit rating while
    Armenia and Georgia do not.

    Chechelashvili said that the Georgian government decided to hire a
    consulting firm to develop a strategy for obtaining the
    rating. "Hiring a consulting firm is an expensive luxury. It will cost
    about 140,000 dollars for three months' services. However, we will get
    help from the British Department for [International] Development
    [DFID] which is ready to allocate this amount. Once it is allocated,
    we will announce an international tender to select a consultant," the
    minister said.

    There are three major international credit rating companies: Fitch,
    Moody's and Standard & Poor's. The tender winner will be determined in
    about two months after its announcement, and the consulting period
    will continue for three months. Chechelashvili did not rule out that
    Georgia might obtain a "WB" credit rating [as received] before the end
    of this year.
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