Moody's: Euro stabilizes Montenegro

In its first annual report on the Republic of Montenegro, Moody's Investors Service said its Ba2 debt ratings and stable outlook are based on the growing integration of this new country with the rest of Europe, and the stability afforded by the use of the euro as the country's official currency.

The Ba2 and a Baa1 country ceiling for long-term foreign-currency debt were assigned in March.

The fiscal policy framework has been increasingly prudent in recent years, the agency said. Montenegro's government debt burden is about average compared to the new European Union members, Moody's said, and most of the public debt is owed to official creditors and on favorable terms.

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