Georgia Fixed Income - Reform Path Belies Weaknesses in Credit Profile
Georgia remains committed to its reform program, while the economy's growth rate and foreign investment inflows into the country testify to the effectiveness of the government's current policy. However, we think that structural weaknesses in the country's credit profile erode the attractiveness of its Eurobonds. Georgia has the highest current account deficit and highest share of foreigners in its public debt among regional peers with tradable debt, which makes the Georgia 21 not as safe an investment as the issuer's pro-Western orientation or its short duration might suggest.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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