The National Bank of Serbia (NBS) has said that Standard and Poor’s (S&P) has kept Serbia’s credit rating at BB+, with a stable outlook for its further increase in the coming period.
“A stable outlook for a further rating increase has been maintained despite heightened risks caused by the COVID-19 pandemic, thanks to a drastic rise in Serbia’s resilience relative to the period a decade ago,” reads the press release.
The NBS says that in its analysis S&P emphasized Serbia’s increased resistance to international shocks thanks to significantly fortified forex reserves and a stable fiscal space, created over the past five years.
“The report reads that Serbia went into the crisis with conspicuously smaller imbalances relative to the previous crisis and was ready to respond to the latest challenges. It particularly points out that the credible monetary policy was an important factor in keeping the rating and the stable outlook for its further increase,” adds the NBS.
The central bank also says that the rating agency stressed the importance of the government’s measures equaling 11% of GDP, for mitigating the negative effects of the pandemic.