Standard & Poor's Ratings Services reaffirmed its 'BB-' long-term and 'B' short-term foreign and local currency sovereign credit ratings on Bangladesh with a stable outlook, a statement of the country's central bank said on Saturday. The country got the same rating and outlook from this US-based rating agency for the third consecutive year.
The first yearly rating was done in 2010. With the latest one, Bangladesh is rated the second highest in South Asia behind India (BBB-) and ahead of Sri Lanka (B+) and Pakistan (B-). Other countries in the BB category include Turkey, Philippines, Indonesia and Vietnam.
The stable outlook reflects strong growth prospects and ongoing donor support, which ensures low-cost and long-maturity external debt and minimises refinancing risk. "In our view, the strength of key economic segments - garment, remittances and agriculture - will sustain growth in line with recent trends, rising to about 6.7 percent by 2015, as global demand recovers," said Standard & Poor's credit analyst Agost Benard.
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