S&P Global Ratings: Serbia’s credit rating BBB- with a stable outlook

S&P Global Ratings has published a report on the credit rating of the Republic of Serbia, which is at the level of BBB- with a stable outlook, the Ministry of Finance announced. The report states that Serbia, “despite increased political uncertainty and challenges in the energy sector, continues to demonstrate macroeconomic stability, with a credible fiscal policy framework and adequate foreign exchange reserves.”

– In the fiscal policy section, the agency’s key assessment is that the Government of the Republic of Serbia remains committed to the budget deficit target of 3% of GDP by 2028, which will contribute to the stabilization of public debt at a level of around 38% of GDP in the medium term. Total foreign exchange reserves, which include banks’ foreign exchange reserves, are adequate and amounted to EUR 31.3 billion in July 2025 – the statement reads.

However, as the report points out, the reduced inflow of foreign direct investments remains a potential risk.

In the energy sector, NIS remains exposed to the risk of possible sanctions due to its Russian ownership. However, as stated, in the base scenario, Serbia is expected to provide a lasting solution that will guarantee the security of energy supply, in cooperation with partners from the USA and Russia.

– The stable outlook reflects the agency’s assessment that risks arising from the domestic and international environment will be balanced by strong domestic demand, support for foreign investment and further strengthening of fiscal and external buffers – it is concluded.

Ministarstvo finansija Republike Srbije

S and P Global Ratings

Ministry of Finance

credit rating