S&P Global Ratings: Serbia’s Investment Credit Rating Confirmed at BBB-

The agency S&P Global Ratings has published a report confirming Serbia’s investment-grade credit rating at BBB-, with a stable outlook.

08.10.2025. 10:36

S&P Global Ratings: Serbia’s Investment Credit Rating Confirmed at BBB-

The report states that despite increased political uncertainty and challenges in the energy sector, Serbia continues to demonstrate macroeconomic stability, supported by a credible fiscal policy framework and adequate foreign exchange reserves, the Ministry of Finance announced.

In the area of fiscal policy, the agency’s key assessment is that the Government of Serbia remains committed to achieving a budget deficit target of three percent of GDP by 2028, which will help stabilize public debt at around 38% of GDP in the medium term.

The statement emphasizes that total foreign exchange reserves, including those of commercial banks, are adequate and amounted to €31.3 billion in July 2025.

However, the report notes that a potential risk remains the reduced inflow of foreign direct investment.

It also adds that in the energy sector, the company NIS remains exposed to the risk of potential sanctions due to Russian ownership, but in the baseline scenario, it is expected that Serbia, in cooperation with its partners from the United States and Russia, will secure a lasting solution ensuring energy supply security.

“The stable outlook reflects the agency’s assessment that risks arising from domestic and international environments will be balanced by strong domestic demand, continued foreign investment, and further strengthening of fiscal and external buffers,” the Ministry of Finance said in its statement.

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