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09/12/2015 Presentation at Galt & Taggart office dedicated to the assignment of rating to Georgian Water & Power Company by Fitch Ratings
Georgian Water & Power Company is the first non-financial private company in Georgia assigned by the international company of Fitch Ratings the country’s highest sovereign long-term “BB -“ rating on the first try, with stable outlook. Galt & Taggart company provided “Georgian Water and Power” with consulting services and partnership necessary for the assignment of rating. A presentation was held at Galt & Taggart office on the occasion of such an important event. New management of Georgian Water & Power Company, representatives of Galt & Taggart and other invitees attended the presentation. As it was pointed out at the presentation the assignment of long-term „BB -“ rating is the achievement of the new management and Georgian Water & Power is about to move to the new stage of development.
According to CEO of Georgian Water & Power Mr. Giorgi Tskhadadze it is a very important fact for the company “ GWP is the only company in a non-financial field to have been praised so highly, which is very significant in itself for the company. It has to be pointed out that it is an achievement of the new management. Furthermore the company’s corporate management is going to further improve as well as the ability to attract investments” – stated Giorgi Tskhadadze.
“We are pleased that following the deep analysis and research on the part of Fitch Ratings Georgian Water & Power was assigned a long-term “BB -“ rating with stable outlook. As a result, GWP is the first non-financial Georgian company to have received the greatest possible – the sovereign rating. We would like to congratulate the company on such success. IT is an important stage for the company, because the assignment of similar ratings will further improve GWP corporate management and transparency and increase its ability to attract funds from international markets. Furthermore this event is important for the development of Georgian capital markets and for the attraction of international capital to the Georgian companies. I would like to emphasize, that Galt & Taggart was exclusive consultant on the issues of assigning the rating to GWP. Our team has supported GWP at every stage of the process and played important role in its successful completion. It is the second successful consulting project implemented by Galt & Taggart for the assignment of the rating. Galt & Taggart is among the leading companies in terms of offering innovative products to the Georgian market, including the provision of consulting services for the assignment of ratings, which is a novelty in Georgia” – pointed out Mr. Archil Gachechiladze, chairman of Galt & Taggart Supervisory Council.
As finance director of Georgian Water & Power Mr. Giorgi Vakhtangishvili explains in respect of the future strategy and achievements of the company GWP has developed several trends and made material changes within 2015. One of the major events of 2015 is the fact that the company has become a generator of changes in the industry. „It is about our relationship with the regulator – we have invited international consultants and implemented a joint project in the form of workshop related to the review of the existing tariff methodology. Another trend provided for the implementation of the project with a leading global engineering and consulting company of AECOM, as a result of which we created a strategic action map for the company based on which we set our goals. It is also significant that the company’s reliability significantly increased in the eyes of financial institutions, which is confirmed by the Fitch rating“, - said Giorgi Vakhtangishvili.
Press release about Georgian Water & Power has been disseminated by international rating agency of Fitch Ratings as well. The press release points out that new management team of Georgian Water & Power has been working on new initiatives ensuring further increase of the company’s efficiency. In terms of negative factors affecting the company they cite regulation uncertainties and insufficient increase of tariffs.
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