S&P Global Ratings on July 5 assigned investment holding company JSC Georgia Capital a B+ long-term issuer credit rating, with a stable outlook.
In addition, the rating agency assigned a B+ rating to the company's $300 million senior unsecured debt. The ratings are consistent with the preliminary ratings assigned to the company on Feb. 21.
The ratings reflect Georgia Capital's limited portfolio size and diversification, following the demerger of BGEO Group PLC into banking business Bank of Georgia Group PLC and investment business Georgia Capital PLC.
S&P said Georgia Capital is now solely exposed to the economic and business development in Georgia, though the company is expected to actively manage its debt in order to maintain a maximum loan-to-value ratio of 30% at all times. The company's LTV ratio is assessed at about 20% to 25% after including a $45 million share buyback program.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings document referred to in this news brief can be found in the sources section.