The rating actions followed the revision of Georgia's outlook to Stable from Negative earlier this month.

Georgia’s banking sector, which includes 15 commercial banks, of which 14 have foreign capital, started to show its first signs of recovery at the beginning of the year, when some of the restrictions imposed by the pandemic were first eased.

The United States, along with allies close to Georgia, issued a statement via its mission to the Organisation for Security and Co-Operation in Europe.

Georgia’s main political vectors in the South Caucasus are cooperation for peace and stability as well as maintaining good neighbourly relations with Armenia and Azerbaijan