S&P Global Ratings has affirmed Georgia’s sovereign rating at BB with a stable outlook. 

Despite inflation remaining below the National Bank of Georgia’s (NBG) target, the agency expects the NBG to uphold a cautious monetary policy amid ongoing uncertainty. 

According to the latest review, Georgia’s banking sector remains stable, with banks maintaining high capitalization levels and sufficient liquidity buffers. 

“We recognize Georgia’s banking regulation as effective and consistent with international standards, marked by strong corporate governance and a commendable transparency,” S&P Global Ratings stated in its review. 

The agency also noted that Georgia’s fiscal and monetary policies remain relatively prudent, particularly in a regional context. These effective policy measures are partly driven by structural reforms, which have also enhanced the business environment. 

Looking ahead, S&P Global Ratings projects that inflation will average 1.6% in 2025, while Georgia’s economy is expected to grow by 5.7% in 2025 and 5.0% in 2026.