Fitch lifts Serbia

Fitch Ratings said it upgraded Serbia's long-term Foreign- and local-currency issuer default ratings to BB+ from BB. The outlook is stable.

“There has been a consolidation of the more stable macroeconomic position of recent years, underpinned by the IMF Policy Coordination Instrument (PCI) in place since July last year (and which followed the 2015-2018 IMF Standby Arrangement),” the agency said in a news release.

“Inflation remains low and relatively stable, at 1.3% in August and averaging 2.1% in 2019, and inflation expectations are well anchored, which allowed the National Bank of Serbia (NBS) to cut its main policy rate by 50bp since June to 2.5%.”

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