Moody’s Investors Service issues first ever sovereign ratings for Albania
Uncategorized Monday, July 2nd, 2007Investors Service announced last week the first sovereign ratings ever assigned
to the Republic of Albania.
The foreign currency bonds were assigned a Ba1
ceiling while for debt obligations were assigned a B1 rating.
export performance, a shortage of energy, poorly defined and enforced property
rights, including an absence of a comprehensive land title registry, a court
system that is sub-optimal, and a generally cumbersome business
environment," said Schiffer, in a Press Release. "With the exception
of the trade performance, all these weaknesses are being addressed currently by
government and multilateral projects."
The Albania government asked for a country
risk evaluation for the first time in 2005. Albania was classified as a "country
under development" by the World Bank in 2004, which meant that country was
not anymore eligible for concessionary loans. Therefore, in 2005, Albania began
to ask for loans in open market.
On the positive side, Schiffer said that,
Albania benefits greatly from a political elite that is pro-business. There are
no major differences between political parties in the realm of economic or
foreign policy, as all participants tend to be pro-EU, pro-Nato, and very much
in favor of the cautious economic policy recommendations received from the IMF,
US Treasury, and World Bank.
Short URL: http://www.albanianeconomy.com/news/?p=275
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on Jul 2 2007. Filed under Uncategorized.
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