Fitch affirms Serbia

Fitch Ratings said it affirmed the Republic of Serbia's long-term foreign and local currency issuer default ratings at BB-, with negative outlooks.

Fitch also affirmed the short-term foreign currency issuer default rating at B and the country ceiling at BB-.

Fitch said that the extent of the recession, sizable external financing requirements, currency-linked credit risks and other risks remain on the downside.

On the other hand, rollover rates on Serbia's maturing external debt have held up well, aided by a commitment by parents of Serbia's largely foreign-owned banking system to maintain exposure to the country and support their subsidiaries, according to the agency.

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