The upgrade reflects the Serbian economy’s proven resilience to external shocks and its investment-led growth, marked strengthening of macroeconomic fundamentals, adequate monetary policy of the National Bank of Serbia (NBS) and firm fiscal discipline, the ratings agency said on December 13 in a statement.
S&P particularly emphasised the results of the NBS in preserving low and stable inflation, adding that it expects the central bank will continue to successfully maintain price stability in the coming medium-term period, given that it has proven its operational independence, earning credibility over the past six years, Markets Sceener said.
Moody’s credit rating for Serbia is at “Ba3” with positive outlook, while Fitch’s has it at “BB+” with stable outlook.
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