Moody’s Investors Service to evaluate Albania’s public debt

TIRANA, Nov. 8 – The Albanian government will have by March 2007 the first ratings about the country’s public debt from the Moody’s Investors Service, according to the Finance Ministry. It will give an evaluation for the quality of short and long term public debt. That is part of the government’s recent efforts to borrow commercial loans, especially needed for its Rreshen-Kalimash highway road. The ministry would like to expand its fund borrowing possibilities in the international market by declaring that it would like to issue government bonds in foreign currencies, in order to finance the infrastructure projects and to extend the average maturity time. The Finance Ministry is the sole bond issuer in the country. Internal debt denominated in lek is estimated at 200 billion (about $2 billion). Officials expect that the Albanian debt rating would be more positive that other countries in Balkans, because Albania has the strongest budget balance, a low public debt and a strong currency.