Page 43 - GEORptFeb22

Georgia market cap at USD751mn in Jan 2022
As of January 3, 2022, 23 companies are admitted on the Georgian Stock Exchange (GSE), with total market capitalisation of USD751mn and daily turnover in December 2021 was GEL 11, according to the GSE.
8.4 International ratings
Georgia - Rating agency
as of June 2021
Bond rating: Moody’s
Ba2 (Stable)
Bond rating: Fitch
BB (Negative)
Bond rating: S&P
BB (Negative)
S&P downgrades Georgia’s outlook to negative
S&P rating agency revised its outlook on Georgia to negative from stable, citing external balance issues and the volatile political situation impeding necessary reforms on February 26.
The negative outlook reflects risks to Georgia's ability to generate adequate foreign exchange earnings to service its sizeable external liabilities over the rating agency's forecast horizon, S&P said in its statement.
The rating would be lowered in case Georgia’s growth outlook deteriorates (which would endanger consolidation of the external and public deficits) or if the external gap’s financing further shifts to debt-generating rather than equity-based instruments.
“The recovery in the tourism sector is likely to lag the global rollout of vaccines,
43 GEORGIA Country Report February 2022 www.intellinews.com