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Serbia’s credit rating up
Belgrade,
1 December 2009
The Serbian Ministry of Finance stated that the Standard & Poor's classification today raised Serbia’s credit rating from a BB negative to VV stable and this assessment is based on the view that external pressures on Serbia have lessened now and budget consolidation will appear within the middle term in accordance with the IMF programme.
According to the statement the report published today says that the credit rating can be increased if structural reforms are carried out in the public sector and the pension system, which improves the viability of public finances.
Standard&Poor’s expects that Serbia will improve the business environment, which together with progress in the EU integration process could lead to a quicker recovery and balanced growth.
Serbian Finance Minister Diana Dargutinovic said that the improvement in Serbia’s credit rating confirms that the Finance Ministry is doing good work and is managing public finance well; stressing the significance of an improved rating considering that the improvement was achieved in a period when other countries failed to do the same.
A better credit rating will create better conditions for loan arrangements and will improve the investment climate generally, concludes the statement.
Standard&Poor’s expects that Serbia will improve the business environment, which together with progress in the EU integration process could lead to a quicker recovery and balanced growth.
Serbian Finance Minister Diana Dargutinovic said that the improvement in Serbia’s credit rating confirms that the Finance Ministry is doing good work and is managing public finance well; stressing the significance of an improved rating considering that the improvement was achieved in a period when other countries failed to do the same.
A better credit rating will create better conditions for loan arrangements and will improve the investment climate generally, concludes the statement.
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