Standard & Poor's Ratings Services today said it had assigned its 'A-' long-term and 'A-2' short-term foreign and local currency ratings to the Socialist People's Libyan Arab Jamahiriya (Libya). The outlook is stable. At the same time, a Transfer & Convertibility assessment of 'A-' was assigned. With this rating, Standard & Poor's now rates 125 sovereigns worldwide.
"The ratings on Libya are supported primarily by what we consider is one of the strongest balance sheets among 'A' rated sovereigns, comprising substantial public assets and negligible debt; relatively low financial contingent liabilities; and the solid medium-term growth prospects of the country's energy sector," Standard & Poor's credit analyst Ben Faulks said. "The ratings are constrained by our view of the limited transparency of official decision-making in Libya compared with that in many of its peers, as well as uncertainties surrounding the effectiveness of reforms to promote private sector development, which are at an early stage of implementation. We believe Libya's economic structure is not as developed as most peers with, for example, the banking sector in the early stages of modernization."
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