Fitch lowers Partnership Fund view to stable

Fitch Ratings said it revised the outlook on JSC Partnership Fund’s long-term foreign- and local-currency issuer default ratings to stable from positive and affirmed the issuer default ratings at BB-.

The agency also said it affirmed the company’s short-term local-currency issuer default rating at B.

The outlook revision follows the revision of the outlook on Georgia, Fitch said.

The ratings reflect the equalization of Partnership Fund’s ratings with those of Georgia as it is a public sector entity, the agency said.

Fitch said it views the fund as an entity of strategic importance for the Georgian government and factors in its strong integration with the sovereign, including timely support if needed, the agency said.

While the Georgian government remains committed to boosting economic growth via the promotion of large-scale infrastructure projects, Fitch said it believes the fund will remain a significant player in facilitating investments, particularly in the energy sector.

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