Fitch affirms Silk Road at BB- with Stable outlook, notes expansion into real estate

Fitch Ratings has affirmed Silk Road Group Holding LLC’s long-term issuer default rating at BB- with a Stable outlook, according to a report published by Business Insider Georgia on 13 October 2026. The rating reflects the stable market position of Silknet, Georgia’s second-largest telecom operator, and the group’s profitable premium hotels and casinos. These businesses generate cash flows that Fitch expects will be broadly sufficient to fund new real estate projects on land already fully owned by Silk Road, which lowers investment costs. Silknet contributed close to 90% of the group’s adjusted EBITDA in 2025. The group is diversified across telecoms, hotels and casinos, and real estate development, but its overall scale remains relatively small. Telecoms are expected to remain the largest business and the main source of free cash flow. Fitch noted that Silk Road is actively expanding in real estate and development, which will support diversification once the main projects are completed. New developments are being carried out on land the group already owns. In Batumi, the flagship Silk Towers project has shown pre-marketing progress: by June 2026, around 30% of the residential units planned for sale had been pre-sold or reserved. The agency also highlighted execution risk, foreign-exchange exposure, and the Georgian economic environment. Source: Business Insider Georgia, 13.10.2026 https://www.businessinsider.ge/Economic/silk-road-jgufi-aqtiurad-afartoebs-saqmianobas-udzravi-qonebisa-da-developmentis-segmentebshi-rats-dziritadi-proeqtebis-dasrulebis-shemdeg-jgufis-biznesis-diversifikatsias-sheutskobs-khels-fitch-ratings-42920?lng=geo