PODGORICA (Montenegro), October 14 (SeeNews) – Moody's Investors Service has affirmed Montenegro's B1 credit rating and positive outlook, the country's ministry of finance said.
The credit rating is a result of Montenegro's high gross domestic product (GDP), the perspective of EU accession, as well as the foreign direct investments attractiveness, the finance ministry said in a statement on Friday, quoting a credit opinion report issued by Moody's last week.
The positive outlook reflects the strong medium-term growth potential, which is supported by the implementation of adequate structural reforms, as well as the strengthening of Montenegro's fiscal position, the finance ministry noted.
The country's economic growth is backed by the construction, transport, tourism and energy sectors, including the construction of a priority section of the Bar-Boljare motorway. On the other hand, a significant contribution to the growth was also made by household consumption, fueled by a record tourist season and positive developments in the labour market, the finance ministry said.
Moody's said in September 2018 it changed the outlook on Montenegro's B1 long-term issuer and senior unsecured debt ratings to positive from stable. The key drivers of the upgrade are Montenegro's favourable medium-term growth outlook, supported by structural reforms, progress with respect to the country's EU accession negotiations and significant investment projects in transport, tourism and energy sectors, Moody's said at the time.