Standard & Poor's has assigned first sovereign rating of Libya.

International rating agency Standard & Poor's gave Libya its first sovereign credit rating, transmits AFP. Long-term rating is set at "A-", a short-term - at the level of "A-2", the forecast - "stable".
According to the head of the Central Bank of Libya Hafedh Gidara (Hafedh Gidara), such a high rating is a sign of confidence in the economy and the reforms the state. He also said that Libya - one of the few countries in the world without debts, and the state's economy grew at an average rate of eight percent per year from 2003 to 2008.
In addition, Libya was able to significantly reduce inflation, which on the basis of 2008 reached 10.4 percent. Foreign exchange reserves of Libya by the end of the year amounted to 136 billion dollars. In doing so, the sale of oil brings the budget to 75 percent of all revenues.
Rating Libya is not granted for so long due to the fact that in 1992 it was against the economic sanctions imposed by Western countries. Libya freed from sanctions only in 2004, after 2003, admitted to its territory to independent observers, not to develop weapons of mass destruction and met other reforms.
Libya has received from Standard & Poor's relatively high rating. For example, a rating of Russia to the agency - "BBB" in the long term and 'A-3 "in the short term.