S&P agency boosts Serbia's credit rating
Credit rating agency Standard and Poor's (S&P) says it has boosted Serbia's long-term rating for loan procurement in both local and foreign currency.
Wednesday, 16.03.2011.
16:33
Credit rating agency Standard and Poor's (S&P) says it has boosted Serbia's long-term rating for loan procurement in both local and foreign currency. The rating has been raised from 'BB-' to 'BB'. S&P agency boosts Serbia's credit rating A statement from the agency also said that S&P raised the assessment of transfers and convertibility from 'BB-' to 'BB' and verified its assessment of the country's short-term rating of indebtedness in local and foreign currency at 'B', while the recovery rating was estimated as '4'. The increase of Serbia's credit rating reflects the agency's belief that the implementation of economic policy in Serbia has improved and that the country has gained a new momentum when it comes to fiscal consolidation, structural reforms and economic rebalance, the release reads. S&P also noted that another factor that contributed to the increase of Serbia's rating lies in the existence of political agreement on the support to the process of European integration, which is why measures of economic policy are expected to focus on achieving this goal. On the other hand, such a rating also reflects S&P's stand on the weaknesses of Serbia's economy that derive from relatively high external debt and limited monetary flexibility that have roots in the high inflation rate and excessive use of the euro on the local market, the release reads.
S&P agency boosts Serbia's credit rating
A statement from the agency also said that S&P raised the assessment of transfers and convertibility from 'BB-' to 'BB' and verified its assessment of the country's short-term rating of indebtedness in local and foreign currency at 'B', while the recovery rating was estimated as '4'.The increase of Serbia's credit rating reflects the agency's belief that the implementation of economic policy in Serbia has improved and that the country has gained a new momentum when it comes to fiscal consolidation, structural reforms and economic rebalance, the release reads.
S&P also noted that another factor that contributed to the increase of Serbia's rating lies in the existence of political agreement on the support to the process of European integration, which is why measures of economic policy are expected to focus on achieving this goal.
On the other hand, such a rating also reflects S&P's stand on the weaknesses of Serbia's economy that derive from relatively high external debt and limited monetary flexibility that have roots in the high inflation rate and excessive use of the euro on the local market, the release reads.
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