Moody's assigns B1, B2 ratings to five municipalities in Macedonia.

By bne IntelliNews June 20, 2011
Credit ratings agency Moody's announced that it has assigned global scale foreign and local currency issuer ratings of B1 to the Macedonian municipalities of Gevgelija, Gostivar, Kumanovo and Stip, as well as a B2 rating to the Municipality of Ilinden. All ratings have stable outlook. Moody's comments that those ratings are constrained mostly by the relatively new institutional and financial frameworks, within which the country's local governments operate. The agency notes, "Although these frameworks have undergone major changes in recent years, we still consider them to be unsettled and expect further changes over the medium- to long-term horizon." Moody's comments that the ratings are also constrained by inflexible budget structures, usually high infrastructure needs, and a usually only modest quality of governance and management practices in each municipality.
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