The international rating agency S&P Global Ratings has affirmed Georgia’s sovereign credit rating at "BB" and upgraded the outlook from "stable" to "positive". According to the agency, this decision is based on the country's strong macroeconomic fundamentals, improved external position, and the credibility of its macroeconomic policy.

S&P highlights the NBG’s policy of accumulating international reserves, noting that the sustained growth of international reserves is one of the key drivers behind the outlook upgrade. According to the agency's assessment, the accumulation of reserves has significantly strengthened the country’s external liquidity buffers and reduced vulnerability to external shocks.

The report notes that the accumulation of reserves was supported by the improvement in the country's external position. Specifically, the current account deficit, which exceeded 10% of GDP a decade ago, narrowed to an all-time low of 2.6% in 2025. Additionally, the trend of decreasing financial dollarization continued. These factors allowed the NBG to continue net foreign currency purchases. Consequently, net purchases in January-June 2026 amounted to approximately USD 2.1 billion.

S&P also positively assesses Georgia’s fiscal and monetary policy frameworks, noting that they are relatively prudent in a regional context, which enhances economic policy credibility and the country’s economic resilience. The agency also highlights that the moderately tight monetary policy of the NBG helps keep inflation expectations anchored. According to their revised forecast, average annual inflation in Georgia will stand at 5.1% in 2026, while economic growth is projected at 6.4%.

The rating agency also highlights the resilience of Georgia's financial sector. According to their assessment, the banking system remains well-capitalized, highly liquid, and profitable. Furthermore, the NBG’s effective macroprudential and supervisory policies play a crucial role in strengthening financial stability, bolstering the banking sector's resilience, and further reducing financial dollarization.

According to the rating agency, Georgia's banking regulatory framework is broadly aligned with international standards.