Fitch lowers Serbia's rating forecast to negative

U.S. credit rating agency Fitch released on Thursday that it has reduced Serbia's rating forecast to negative.

Izvor: Tanjug

Friday, 17.08.2012.

10:27

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NEW YORK U.S. credit rating agency Fitch released on Thursday that it has reduced Serbia's rating forecast to negative. At the same time the agency asserted the long-term sovereign credit rating in both foreign and local currency to BB- level. Fitch lowers Serbia's rating forecast to negative The negative projection reflects the aggravation of Serbia's fiscal position and its external funding, and apparently its low economic growth, Fitch agency explained. Instead of focusing on the correction of the growing fiscal deficit and public debt, the new government amended the law on the central bank in a way that jeopardized the investors' trust, which can cause complications concerning the agreement on the new loan from the International Monetary Fund (IMF), the release states. Rating agency Standard and Poor's lowered the country's credit rating to BB- with a negative forecast, and also noted that one of the main reasons for this is the recent adoption of the regulations which strengthen the parliament's control over the central bank. Tanjug

Fitch lowers Serbia's rating forecast to negative

The negative projection reflects the aggravation of Serbia's fiscal position and its external funding, and apparently its low economic growth, Fitch agency explained.

Instead of focusing on the correction of the growing fiscal deficit and public debt, the new government amended the law on the central bank in a way that jeopardized the investors' trust, which can cause complications concerning the agreement on the new loan from the International Monetary Fund (IMF), the release states.

Rating agency Standard and Poor's lowered the country's credit rating to BB- with a negative forecast, and also noted that one of the main reasons for this is the recent adoption of the regulations which strengthen the parliament's control over the central bank.

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