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

The country reduced oil and oil products exports by 12.5 percent year-on-year to 17.107 million tonnes and increased exports of natural gas by 56.4 percent to 12.061 billion cubic metres.

The Energy Ministry said that oil production would still be below 718,000 bpd produced in October 2018, when members of OPEC+ agreed to reduce oil production gradually.

Gross Domestic Product (GDP) grew 2.7 percent in January-July this year from a year earlier backed by the growth in the non-oil sector. In January-June, the economy grew 2.1 percent.

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.