Moody's: Albania has heavy debt

In its annual report on Albania, Moody's Investors Service said it said that the government's B1 bond rating and stable outlook reflect the country's hefty debt burden and weak economic and institutional strength.

The rating also takes into account the country's good prospects for sustainable economic development based on a strong political consensus over the need to implement pro-business, pro-market structural reforms and policies, the agency added.

Because of the country's limited economic and financial development, it has not been directly exposed to the harsh effects of the global credit crunch, Moody's said.

"The rating also reflects the balance of payments risks associated with the country's large current account deficit and development needs," said Moody's assistant vice president Joan Feldbaum-Vidra, author of the report.

"Notably, government finances have displayed a good resilience to shock and macroeconomic performance continues to be solid."

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