Finance Minister Shkelqim Cani said S&P’s revised rating favoured Albania’s position in international markets.
TIRANA, April 15 – The Albanian government is planning to issue a new Eurobond in 2015 when its debut five-year Eurobond issued in late 2010 matures. The confirmation comes after giant credit rating agency Standard & Poor’s upgraded Albania’s rating to B stable and the Albanian government has signed a three-year deal with the IMF on fiscal consolidation supported by a Euro 331 million deal which will be used to pay off accumulated unpaid bills.
Speaking to VoA in the local Albanian service, Finance Minister Shkelqim Cani said S&P’s revised rating favoured Albania’s position in international markets.
“Of course, the rating by Standard & Poor’s also influences on international markets, where the Albanian government is present with the Eurobond. Next year, we will enter international markets because of the maturity of the previous Eurobond and we are taking all measures on this,” said Cani.
“S&P’s rating is also confirmation that we are on track to improving conditions regarding the issue in the international market. This is also valid for the internal market,” added Cani.
In late 2010, Albania issued its first-ever Eurobond of 300 million euros with a maturity of up to five years and an interest rate of 7.5 percent.
The money was mainly be used to pay off a costly syndicate loan taken last year to fund the costly Durres-Kukes highway linking Albania to Kosovo.
The debut Eurobond issue in November 2010 came as international financial markets stabilized and after some changes were approved in Parliament to the government deal with Deutsche Bank AG and JPMorgan Chase & Co. which managed the Eurobond sale. The deal had been put off from April after the Greek debt crisis rattled markets.
