Fitch assigns BB- to Georgian Oil notes

Fitch Ratings said it assigned JSC Georgian Oil and Gas Corp.’s (BB-/stable) upcoming notes an expected senior unsecured BB-(EXP) rating.

The agency expects Georgian Oil to use the proceeds for refinancing.

Georgian Oil is a state company involved in gas supply, pipeline rental, electricity generation, oil upstream and transportation activities. The ratings of Georgian Oil are aligned with the sovereign's as the government of Georgia considers the company critical to its national energy policy.

Fitch said it views Georgian Oil’s standalone profile as commensurate with a B+ rating due to the company's small size and limited operations.

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