Fitch changes Partnership Fund to positive

Fitch Ratings said it revised Georgia-based JSC Partnership Fund's (PF) outlook to positive from stable and affirmed its long-term foreign and local currency issuer default ratings at BB-.

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

The outlook revision follows a recent similar action on Georgia.

“Based on its Government Related Entities (GRE) Criteria, Fitch classifies PF as an entity with strong linkage to the Georgian sovereign and assesses the probability of the Georgian government to provide extraordinary support to the company as high,” the agency said in a news release.

“Fitch applies a top-down approach, which irrespective of PF's standalone credit profile, leads to an equalization of PF's ratings with the sovereign's.”

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