S&P affirms Montenegro

Standard & Poor's said it affirmed its BB+ long-term and B short-term sovereign credit ratings on the Republic of Montenegro.

The outlook remains negative and the transfer & convertibility assessment on Montenegro remains AAA, the agency said, adding that the rating on Montenegro is constrained by vulnerabilities emanating from the country's very high current account deficit and narrow economic base.

External imbalances have been fuelled by robust growth of domestic demand amid the fastest credit growth among all rated sovereigns, S&P noted.

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