PF saw a moderate profit recovery last year after losses in 2016 as dividends from GOGC and GR fell on weak performance.
This is however mitigated by a strong cash position (about USD55 million as of end-2017 net of reserve fund) and strong recovery at GOGC.
If the sovereign rating of Georgia is upgraded and GOGC's SCP is one notch below the sovereign, a one-notch uplift to the same rating as the government can be considered.
GOGC is 100% owned by the Partnership Fund (BB-/Stable), a fully government-owned investment vehicle.
GOGC achieved a score of 25 points under Fitch's government-related entity (GRE) rating criteria.
Strong ties With Ultimate Parent: GOGC is 100% owned by the Partnership Fund (BB-/Stable), a fully government-owned investment vehicle.
Summary: The wind farm is currently owned by Ee"Qartli Wind FarmEe" Ltd, whose shareholders are state-owned companies Georgian Energy Development Fund (GEDF) and Georgian Oil and Gas Corporation (GOGC
Summary: An implementation agreement was signed by Gardabani Thermal Power Plant-2, GOGC
, and ESCO.
Eurobonds (GEOROG) were trading at 102.2 (unchanged w/w), yielding 4.6%.