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The Government of the Republic of Serbia

In the service of citizens

Serbia receives another improved international credit rating

Belgrade, 19 May 2005

Serbian Minister of Finance Mladjan Dinkic said today that the Fitch international ratings agency assigned the 'BB-' credit rating to Serbia, which is one degree better in relation to the one assigned by the Standards & Poor's agency to Serbia last year.

Mladjan Dinkic

Dinkic said at a press conference that Serbia's credit rating is now level with the ratings of Turkey, Brazil, Ukraine and Indonesia. He explained that with the previous 'B+' credit rating, the inflation rate on old foreign currency savings was eight percent, while now it is just below six percent. He voiced hope that this credit rating will add to decrease of interest rates.

He said that five factors contributed to the decision by the London-based international ratings agency to assign a better credit rating to Serbia. These factors are: prospects for quicker accession to the European Union after obtaining the positive assessment of the Feasibility Study; improved relations with the international community, especially as it pertains to cooperation with the Hague tribunal; a significant improvement in public finances; a positive outlook for continued structural reforms; and an increase in GDP with a very good solvency position of the country as seen by domestic and international creditors.

According to Dinkic, Serbia's improved credit rating means that credit risk has reduced, which is of great importance for future investments in Serbia.