"Standard and Poors" upgrades Albania's rating - Strong economic and fiscal performance positions it at "BB"
Standard & Poor's (S&P) Ratings Agency has raised its long-term foreign and local currency credit rating for Albania to 'BB' from 'BB-', with a stable outlook, reflecting the country's strong economic and fiscal performance over the past several years. This is a positive signal for foreign and domestic creditors.
At the same time, S&P affirmed its short-term local and foreign currency credit rating of "B" and revised Albania's transfer and convertibility (T&C) rating to "BBB-" from "BB+", the agency said in a statement.
"Large net foreign direct investment (FDI), remittance inflows and booming services exports support Albania's solid economic prospects, despite heightened geopolitical tensions and uncertainty ahead of this year's parliamentary elections," the global rating agency said.
S&P expects Albania's real GDP growth to remain above 3% through 2028, driven by investment and consumption.
According to the agency, despite the positive economic performance, structural challenges persist, such as a shrinking workforce and sustained emigration, while reliance on the tourism sector and external demand from key EU markets increases economic vulnerability.
On the other hand, the Agency notes that fiscal risks persist due to high foreign currency debt, short maturities of domestic debt and significant public-private partnership commitments, while diplomatic tensions with Greece may pose challenges on Albania's path towards EU membership.
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