Credit rating agency Fitch Ratings has affirmed Georgia’s sovereign rating at ‘BB’ while revising the Outlook to Stable.

According to the agency, the key factor behind the Outlook revision is the growth of international FX reserves.

As noted in Fitch’s published report, Georgia’s international reserves increased by 37.2% compared with the low point of October 2024 and reached a historic high of USD 5.6 billion as of October 2025.

The rating agency also underscores that the accumulation of reserves reflects the National Bank of Georgia’s policy, driven by FX purchases conducted since the beginning of the year, gold price revaluation, and higher end-2024 reserve requirements. Fitch adds that external inflows and the de-dollarisation of deposits also contributed to reserve growth.

According to the report: “Georgia’s banking sector is stable, with strong profitability (ROE 22.7% as of September), high capitalisation (Tier 1 capital adequacy ratio at 20%), and solid asset quality (non-performing loans at 2.6%). De-dollarisation trends are also positive.”

Fitch forecasts that inflation will remain close to the target over 2026-2027, averaging 3.2%, while economic growth will remain strong, reaching 7.3% in 2025 and 5.3% in 2026.