Fitch: Georgian and Azerbaijani railways are main part of international transport corridor

Tbilisi. 27 November. REPORT.AZ/ JSC Georgian Railway and Azerbaijan Railways are main part of the Transport Corridor Europe Caucasus Asia (TRACECA), Report informs citing Fitch Ratings.

Fitch Ratings has revised JSC Georgian Railway’s Outlook to Positive from Stable while affirming the entity’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘B+’.

According to the agency, Georgian Railway plays an important role in determination and future development of transit potential of Georgia and establishment of economic relations with the neighboring countries.

The agency says that 30% of total freightage belongs to Georgian Railway. In 2017 the JSC’s revenues made up 1.2% of GDP and carried out 5% of total export.

Fitch Ratings also forecasts that transportation via Georgian Railway will increase in connection with the expected economic growth and acceptable restoration of oil price.