Fitch: Serbia view to negative

Fitch Ratings said it revised the Republic of Serbia's outlook to negative from stable.

The agency also affirmed its long-term foreign- and local-currency issuer default ratings at BB- and its short-term foreign-currency issuer default rating at B. The country ceiling was affirmed at BB-.

The negative outlook reflects the deterioration in the country's fiscal and external financing position and weak economic growth outlook, Fitch said.

Rather than focusing on correcting a rising fiscal deficit and public debt ratio, the new government has amended the central bank law in a manner that dented investor confidence and might complicate the agreement of a new International Monetary Fund deal, the agency said.

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