Fitch affirms Serbia’s credit rating at “BB+” with positive outlook

Rating agency Fitch has affirmed the long-term credit rating of the Republic of Serbia at “BB+” with a positive outlook, the Ministry of Finance announced, adding that this “represents a clear confirmation of stable macroeconomic fundamentals and responsible economic policy implemented by the Government of the Republic of Serbia.”

According to Fitch, the positive outlook indicates the possibility of a rating upgrade and reflects the likelihood of higher, investment-led economic growth, a continued reduction in the share of public debt in GDP, as well as expectations regarding the country’s external position. The agency, as said in the statement, particularly emphasizes the continuity in conducting a cautious fiscal policy, exchange rate stability and an adequate level of foreign exchange reserves.

Fitch states that economic growth in 2025 was weaker than previously projected, due to lower foreign direct investment inflows, increased global and domestic political uncertainty, as well as sanctions imposed on NIS.

– The agency expects a gradual acceleration of economic growth in the coming years, supported by large infrastructure projects, investments within the “Leap into the Future - Serbia 2027” program, as well as strong domestic demand. Public investments remain at a high level, while public debt remains significantly below comparable countries of the same rating level – it is announced.

Fitch, as they state, also assesses that the institutional framework and capacities of the country are strong enough to ensure the continuity of economic policies.

Ministarstvo finansija Republike Srbije

Vlada Republike Srbije

Fitch

Ministry of Finance

Government of the Republic of Serbia

credit rating