On March 31, 2011 was held the meeting of the Georgian Government. The agenda included 78 items.
Before the meeting started, the Prime Minister, Nika Gilauri, gave the public a piece of news about Georgia's credit rating. We present the Prime Minister's speech:
" Good day.
Before we start the government meeting, I would like to give the public a piece of news about Georgia's credit rating. As you already know, there are three major ratings agencies in the World: Fitch, Moody's and Standard & Poor's. Georgia has signed agreements with each of them and all three companies evaluate the country's economy once or twice a year.
Several weeks ago, representatives of Standard & Poor's visited Georgia to study the country's economy. Their evaluation was quite positive. According to them,, a significant economic growth is anticipated. They evaluated the Government Program very positively and increased the credit rating of Georgia from B+ stable to B+ positive.
Why is this important? Taking into account the situation in the World and Europe and the fact that in the last two weeks, Standard & Poor's reduced credit ratings of 5 European countries, the decision made concerning Georgia is of particular importance to our country. This will attract more investments and create more jobs in Georgia.
Increase of the credit rating is also important for companies dealing with foreign investors and getting sums, investments, or credit resources from foreign companies. Every statement about such growth means that Georgian companies can borrow money, obtain credits or get investments from foreign countries more cheaply. Accordingly, this is very important for our country, our economy and I hope the credit rating of Georgia will continue to grow in the future."
Prime Minister's Press Service