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Moody's reassigns stable rating to Bangladesh

Star Business Report
Global rating agency Moody's yesterday gave Bangladesh a stable sovereign outlook of Ba3 for the third consecutive year.
The continuation of the same rating by the agency shows optimism about the country's macroeconomic stability and growth prospects, said Bangladesh Bank GovernorAtiur Rahman.
The rating also shows Bangladesh' competence in
timely debt repayment, successes in managing external pressures and a largely stable banking system that poses manageable contingent risks to the government's balance sheet, Rahman said.
Bangladesh's rating is higher than that of Sri Lanka (Bl) and Pakistan (Caal) and one notch below India's.
The rating agency released its assessment of Bangladesh's 2012 credit rating after a recent visit by its officials.
The governor said the rating did not come as a surprise for the central bank, as they had been expecting this type of rating because of the consistent macroeconomic stability and growth prospects.
He said several other strengths of the economy have also contributed to the stable rating. "Our capacity to pay off foreign debt is increasing day by day. The government's debt to GDP ratio is going down." The debt to GDP (gross domestic product) ratio was 41 percent in 2009, which has come down to 37 percent this year, thanks to a rapid GDP growth and a modest deficit.
Rahman said the country's trade is also increasing, which is now 65 percent of GDP. "Our export growth is relatively stable despite a decline in demand in the western economies," he said, adding that the country's exports have doubled since 2005 and the growth is faster than that in the neighbouring economies.
Rahman said the country's reserves grew 8.6 times in the last one decade, rising from a modest $1.3 billion in 2001 to $11.2 billion now. Remittances are also going up.
Moody's said the rating reflects its methodological assessment of low economic, institutional and government financial strengths.
"Offsetting such weak structural fundamentals, Bangladesh has established a track record of resilient growth and poverty reduction, while exhibiting a low susceptibility to event risks -- despite the contentiousness of its parliamentary democracy," itsaid.
It said the recent macroeconomic pressures stemming from a negative terms of trade shock and delays in aid disbursements have weakened the balance of payments.
For now, external liquidity remains sufficient, but export products and market concentration risks