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Intl. Agencies Lower Georgia’s Rating
Two of the three major international ratings agencies, Fitch and Standard & Poor’s, lowered Georgia’s credit rating August 8. RIA Novosti information agency reports that the move is related to the events in South Ossetia and possible risks of Russia’s greater involvement in it. Fitch changed Georgia’s rating to B+ with a negative prognosis. S&P changed Georgia’s rating from B+ to B. There has been no mention yet of changing Russia’s rating (BBB+/A from S&P) yet.
On August 8, after lengthy bombardment of Tskhinvali by Georgian armed forces, detachments of Russian forces entered South Ossetian territory. Also, Russian peacekeepers were compelled to take part in battles against Georgian military units. The Russian Air Force, according to the Georgian press, has struck Georgian airports and military bases. International ratings agencies evaluate the countries’ economies and their investment attractiveness.
www.kommersant.com
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Photo: Evgeny Dudin