S&P Assigns Albania B+ Sovereign Credit Rating; Outlook Stable
- LONDON -(Dow Jones)- Ratings agency Standard & Poor's Corp. Monday assigned Albania a B+ sovereign credit rating, pointing to its relatively low prosperity, high government debt and an uncertain political environment. "On the other hand, the ratings are supported by the economy's solid growth performance and our view of its strong long-term potential, a legal framework that explicitly prioritizes debt-service payments, and long-term prospects for further EU [European Union] integration," said Standard & Poor's credit analyst Marko Mrsnik. The southeastern European nation is now rated by two of the three major ratings agencies, which will help bolster confidence in the country's bid to sell a bond on international markets. Ratings peer Moody's Investors Service Inc. rates Albania at B1, four notches into junk territory, with a stable outlook. Albania's economy has managed to withstand the global financial crisis relatively well and it was one of the few in southeastern Europe that managed to avoid recession last year. While budgetary consolidation and prolonged growth could lead to a boost in the rating, any deviation in debt from official forecasts could bring a downgrade, it said. -By Clare Connaghan and Art Patnaude, Dow Jones Newswires; +44 (0) 207 842 9259; art.patnaude@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=8fKdcGjQRHlOQcJAuTpKDg%3D%3D. You can use this link on the day this article is published and the following day.
