Fitch upgrades Partnership Fund

Fitch Ratings said it upgraded JSC Partnership Fund's long-term foreign- and local-currency issuer default ratings to BB from BB-.

The outlook is stable.

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

The upgrade follows the recent similar action on Georgia, reflecting the link between the company's ratings and the sovereign ratings, Fitch said.

The fund is a state agent implementing the state's development agenda and its prime mandate is to shape and develop private equity investments, the agency said.

The agency classifies the fund as a government-related entity, Fitch said.

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