Moody’s Investors to evaluate Albania public debt

TIRANA, Jan 23 – Moody’s Investors Service, recruited by the Albanian Government to give ratings about the country’s public debt is expected to produce a draft report in March 2007. “We expect that Moody’s Investors Service will give us an evaluation for the quality of short and long term public debt”, the Ministry of Finance reported.
The Ministry of Finance needs the ratings in order to expand its fund borrowing possibilities in the international market by declaring that it would like to issue government bonds in foreign currencies. These will then finance the infrastructure projects. Currently, the Ministry of Finance is the sole bond issuer in the country. Internal debt denominated in local currency LEK is estimated at LEK 200 billion (about USD 2 billion). The ministry officials are optimistic due to the latest progress on budget balance. They add that the Albanian debt rating should be relatively positive to other countries in Balkans, because Albania has a low existing public debt and a strong currency.