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Moody’s revises Montenegro’s outlook to stable from positive

Moody’s Investors Service changed on Montenegro’s sovereign credit rating outlook to stable from positive and affirmed the debt grade at "B1", citing as the main driver behind the revision Montenegro’s exposure to the significant fiscal risks that relate to the completion of the four-stage Bar-Boljare highway project. 

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The overall costs of the highway project are estimated at about 45% of the country’s gross domestic product, out of which about 25% of GDP relate to the still-to-be funded three sections, Moody’s said on Mach 6.

Montenegro’s debt-to-GDP at the end of 2019 stood at about 79% of GDP, higher than the median of "B1"-rated sovereigns of around 41% of GDP, Moody’s noted.

Standard & Poor’s credit rating for Montenegro stands at "B+", also with with a stable outlook.