S&P moves Serbia outlook to stable

S&P said it revised its outlook for Serbia to stable from positive and affirmed the BB+/B foreign- and local-currency ratings.

Citing the ongoing war between Russia and Ukraine, S&P cut its 2022 eurozone growth forecast to 2.7% from 4.4% and hiked it inflation forecast to 6.4% from 2%.

“As a result, we expect Serbia's GDP growth to weaken to 3% in 2022 compared to the 4.3% we projected in December 2021, and we also forecast the current account (CA) and fiscal deficits will widen,” the agency said in a press release.

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