Fitch downgrades Serbia's credit ratings

Fitch Ratings has downgraded Serbia's long-term foreign and local currency Issuer Default Ratings to B+ with a stable outlook from BB- with a negative outlook.

Izvor: Tanjug

Monday, 20.01.2014.

09:21

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BELGRADE Fitch Ratings has downgraded Serbia's long-term foreign and local currency Issuer Default Ratings to B+ with a stable outlook from BB- with a negative outlook. The reasons for the decision are growth of the government deficit in 2014, the general situation with the debt compared to the GDP level and the lack of structural reforms that were announced earlier, Fitch Ratings said, quoted by Serbia's Ministry of Finance. Fitch downgrades Serbia's credit ratings The start of the accession talks with the EU, reduction of the balance of payments current account deficit, increase in the foreign exchange reserves and start of the talks with the IMF in February this year are listed as positive aspects. The Ministry of Finance said it recognized the need for continuity in stabilizing public finances and the macroeconomic environment. The first steps to that end have already been taken, with the 2014 economic growth being higher than expected, the inflation in 2013 hitting a historic low and export increasing, which led to a reduction in the current account deficit. The costs of funding the government also reached a historic minimum on the domestic market in the last quarter of 2013 and are likely to drop further. The ministry "will continue to insist on a consistent implementation of a set of economic measures, so the plan to reduce the fiscal deficit, stabilize the public debt's share in GDP in the long term and ensure Serbia's economic growth is completed," the statement said. Tanjug

Fitch downgrades Serbia's credit ratings

The start of the accession talks with the EU, reduction of the balance of payments current account deficit, increase in the foreign exchange reserves and start of the talks with the IMF in February this year are listed as positive aspects.

The Ministry of Finance said it recognized the need for continuity in stabilizing public finances and the macroeconomic environment.

The first steps to that end have already been taken, with the 2014 economic growth being higher than expected, the inflation in 2013 hitting a historic low and export increasing, which led to a reduction in the current account deficit.

The costs of funding the government also reached a historic minimum on the domestic market in the last quarter of 2013 and are likely to drop further.

The ministry "will continue to insist on a consistent implementation of a set of economic measures, so the plan to reduce the fiscal deficit, stabilize the public debt's share in GDP in the long term and ensure Serbia's economic growth is completed," the statement said.

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