Credit rating agency Fitch Ratings has affirmed Georgia's sovereign rating at 'BB' and upgraded its outlook to "Positive".

According to the rating agency's assessment, one of the main driving factors for the outlook improvement is the significant growth of international reserves and the improved indicators of the country's external position.

As noted in the report released by Fitch, in September 2026, Georgia's gross international reserves reached a record high of USD 8.2 billion, which is USD 2 billion more compared to the end of 2025.

The rating agency also highlights that the increase in reserves is a result of the National Bank of Georgia's (NBG) policy. Furthermore, it notes that the growth of international reserves is driven by the reduction of the current account deficit, capital inflows, prudent monetary policy, and improved confidence, which has led to an increased demand for GEL-denominated assets from local residents.

Fitch also positively evaluates the current trends in the external sector. According to the company's assessment, the trend of narrowing the current account deficit continued in the first half of 2026, contributing to the reduction of the country's external vulnerabilities.

According to the rating agency, the de-dollarization trends are positive. The rating agency also highlights the resilience of Georgia's banking sector.

"Strong economic growth continues to positively impact the financial metrics of Georgia's banking sector. The sector is characterized by high profitability (ROE stood at 23.2% as of August), strong capitalization (Tier 1 capital ratio of 17.6%), and high asset quality (non-performing loans ratio of 2.5%)," states the Fitch report.

According to Fitch's forecast, economic growth will remain strong and reach 7.5% in 2026, while in 2027-2028, the economic growth rate will gradually slow down and approach its medium-term potential level of 5%.