Business Services Industry
MOLDOVA: MOODY'S UPGRADES MOLDOVA'S FOREIGN CURRENCY COUNTRY CEILING.(Brief Article)
IPR Strategic Business Information Database, May, 2003
Moody's Investors Service has upgraded the foreign-currency country ceiling and the one outstanding foreign-currency government bond of the Republic of Moldova to Caa1 from Ca. The foreign currency ceiling for bank deposits was upgraded to Caa2 from Caa3, and the local currency rating was upgraded to Caa1 from Caa2.
Moldova successfully restructured its one outstanding foreign currency bond in late 2002 and is enjoying a pickup in economic growth, tied mainly to agricultural and agro-processing exports to Russia. While Moody's cautions that the country's trade deficit remains very high, this is ameliorated somewhat by considerable remittances from technically skilled Moldovans working abroad. Fiscal performance has been respectable, says Moody's. However,...
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