Page 49 - GEORptOct21

8.3 Stock market
Georgia market cap at USD727mn in May 2021
In May 2021, Georgia’s market capitalisation accounted for USD 727.45mn with daily turnover value of GEL 366.78 in February, according to the Georgian Stock Exchange (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
49 GEORGIA Country Report October 2021 www.intellinews.com