BEIJING - Dagong Global Credit Rating Co, China's domestic rating agency, on Tuesday assigned to Algeria the local and foreign currency sovereign credit rating of BBB- with a stable outlook.

The rating reflects the solvency of Algeria, including its stable political situation, an economic structure that is highly reliant on exports of petroleum and natural gas, and the country's relatively strong fiscal and foreign exchange strength, the rating agency said.

With the prospects of the international price of crude oil remaining high, Dagong expects the economic growth rates in 2012 and 2013 to increase to 3.1 percent and 3.5 percent respectively from 2.9 percent in 2011.

Dagong forecasted the debt burden ratio of the government at all levels will gradually increase to around 35 percent in 2013 from 25.7 percent in 2010.