Fitch rates Macedonia bond BB+

Fitch Ratings said it assigned a BB+ rating to the Republic of Macedonia's fixed-rate €175 million eurobond due 2013.

Macedonia has a BB+ long-term foreign-currency issuer default rating.

The outlook is negative.

"Macedonia's ratings continue to be underpinned by its moderate government debt burden of 21% of GDP at end-2008, below the BB-range median of 35%, a per capita income level that is higher than the BB-range median, its status as an official candidate for European Union membership as well as its net public external creditor status," Eral Yilmaz, an associate director at Fitch, said in a statement.

"Nevertheless, the deterioration in the global economic and financial environment could impose a more costly macroeconomic adjustment on the country, given the large current account deficit and fixed exchange-rate regime," Yilmaz said.

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