Georgia Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Georgia	Ba2 Negative	BB Negative	BB Stable	NR	BB Negative

Credit Rating History

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Georgia	Nov 21, 2025	Fitch	BB	Stable	BB	Stable
Georgia	Mar 24, 2025	Moody's	Ba2	Stable	Ba2	Negative
Georgia	Jan 10, 2025	Scope Ratings	BB	Stable	BB	Negative
Georgia	Jun 21, 2024	Fitch	BB	Positive	BB	Stable
Georgia	Mar 26, 2024	Moody's	Ba2	Stable	Ba2	Stable
Georgia	Jan 27, 2023	Fitch	BB	Stable	BB	Positive
Georgia	Sep 03, 2021	Scope Ratings	BB	Negative	BB	Stable
Georgia	Aug 06, 2021	Fitch	BB	Negative	BB	Stable
Georgia	Feb 26, 2021	S&P	BB	Stable	BB	Negative
Georgia	Apr 24, 2020	Fitch	BB	Stable	BB	Negative
Georgia	Apr 17, 2020	Scope Ratings	BB	Stable	BB	Negative
Georgia	Oct 11, 2019	S&P	BB-	Positive	BB	Stable
Georgia	Apr 12, 2019	S&P	BB-	Stable	BB-	Positive
Georgia	Feb 22, 2019	Fitch	BB-	Positive	BB	Stable
Georgia	Mar 16, 2018	Fitch	BB-	Stable	BB-	Positive
Georgia	Sep 11, 2017	Moody's	Ba3	Stable	Ba2	Stable
Georgia	Jun 30, 2017	Scope Ratings	NR		BB	Stable
Georgia	Mar 11, 2016	Moody's	Ba3	Positive	Ba3	Stable
Georgia	Apr 20, 2015	Fitch	BB-	Positive	BB-	Stable
Georgia	Oct 17, 2014	Fitch	BB-	Stable	BB-	Positive

Table Key

Grade	Moody's	S&P	Fitch	DBRS	Scope Ratings
Prime	Aaa	AAA	AAA	AAA	AAA
High Grade	Aa1	AA+	AA+	AA (high)	AA+
	Aa2	AA	AA	AA	AA
	Aa3	AA-	AA-	AA (low)	AA-
Upper Medium Grade	A1	A+	A+	A (high)	A+
	A2	A	A	A	A
	A3	A-	A-	A (low)	A-
Lower Medium Grade	Baa1	BBB+	BBB+	BBB (high)	BBB+
	Baa2	BBB	BBB	BBB	BBB
	Baa3	BBB-	BBB-	BBB (low)	BBB-
Non-investment Grade Speculative	Ba1	BB+	BB+	BB (high)	BB+
	Ba2	BB	BB	BB	BB
	Ba3	BB-	BB-	BB (low)	BB-
Highly Speculative Grade	B1	B+	B+	B (high)	B+
	B2	B	B	B	B
	B3	B-	B-	B (low)	B-
Substantial Risk Grade	Caa1	CCC+	CCC+	CCC
	Caa2	CCC	CCC	CCC	CCC
	Caa3	CCC-	CCC-	CCC
Extremely Speculative Grade	Ca	CC	CC	CCC	CC
Extremely Speculative Grade			C	CCC	C
In Default with Little Prospect for Recovery		CD	RD	RD
In Default		SD		SD
	C	D	D	D	D
			DD	DD
			DDD	DDD
Not Rated	NR	NR	NR	NR	NR

FAQ

What is Georgia’s current credit rating?

Georgia’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Georgia’s credit risk.

Has Georgia’s credit rating changed recently?

This page lists the latest rating and outlook actions for Georgia, showing when each agency last reviewed or changed its assessment.

Why does Georgia’s credit rating matter to investors?

Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Georgia's bond yields, currency, and equity flows as investors reassess risk.

How does Georgia’s rating compare to other countries?

You can explore how Georgia ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.

What do outlooks like Positive, Stable, and Negative mean?

They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk

What is the difference between investment grade and speculative grade?

Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.