The assignment of the final BB- bond rating follows the placement of the GEL 350m bond in September 2025. The bond rating is based on GHG’s underlying B+/Stable issuer rating and Scope’s expectations of an excellent recovery rate for the bond.

The preliminary BB- bond rating was assigned following the company's decision to issue a senior secured bond for GEL 350m instead of the previously planned senior unsecured bond guaranteed by subsidiaries.

The rating is driven by the credit-positive characteristics of the Georgian healthcare services market, GHG’s strong profitability and market leadership, as well as Scope’s expectation of a medium-term improvement in currently weak credit metrics.